Investment Rating - The report maintains a "Hold" rating for the company, with an adjusted target price of HKD 121, reflecting a 7% increase from the previous target price [45][47]. Core Insights - The company's Q1 2024 revenue reached RMB 73.3 billion, a year-on-year increase of 25%, exceeding market expectations by 6.2%. The adjusted net profit was RMB 7.5 billion, surpassing market expectations by 29%, with an adjusted net profit margin of 10.2% [2][29]. - New business losses have significantly narrowed, with operational losses of RMB 2.76 billion, down from 32% to 14.8% year-on-year. Revenue from new businesses grew by 18.5% to RMB 15.7 billion [12][29]. - The core business saw a revenue increase of 27.4% to RMB 54.6 billion, with delivery, commission, and advertising revenues growing by 25%, 27%, and 33% respectively. However, the operating profit only slightly increased by 2.7% [29]. Financial Performance Summary - For FY22, the company reported a revenue of RMB 219.96 billion, which is projected to grow to RMB 346.45 billion in FY24E and RMB 397.66 billion in FY25E [49]. - The adjusted net profit is expected to rise from RMB 2.83 billion in FY22 to RMB 37.42 billion in FY24E and RMB 44.66 billion in FY25E [49]. - The operating profit is projected to improve from a loss of RMB 5.82 billion in FY22 to a profit of RMB 28.19 billion in FY24E and RMB 36.12 billion in FY25E [49]. Market Expectations - The stock price as of June 6, 2024, was HKD 112.7, with a target price of HKD 121, indicating potential upside [5][35]. - The report highlights that the delivery transaction volume grew by 28.1% year-on-year, reaching 5.46 billion transactions, which is better than expected [29].

| --- | --- | --- | --- | --- | |----------------------|------------------------|-------------------------|----------------------|-----------------------------| | 公司更新 | | | | | | | | | | | | 互联网 | 收盘价 港元 112.70 | 目标价 港元 129.00↑ | 潜在涨幅 +14.5% | 2024 年 6 月 7 日 | | 美团 (3690 HK) | | | | | | 利润超预期，现价对应 | 16 | 倍 2024 | 年市盈率，有上调空间 | | 收入：核心商业上调约 14 亿元（上调 0.6%），主要考虑外卖/闪购业务变 现率提升，尤其是商户广告投放意愿增强。新业务上调约 19 亿元（上调 2.3%），主要受小象超市/快驴等业务及优选 SKU 加价率提升拉动。 交银国际研究 业绩要点：1）外卖单量（+24%）同比增速略快于收入（+23%），广告变 现提升及补贴优化抵消 AOV 降幅>5%，估算 UE ...

Investment Rating - The report maintains a "Buy" rating for Meituan-W (3690 HK) [1] Core Views - Short-term macroeconomic factors have pressured food delivery growth, but Meituan's unit economics (UE) remain resilient, reflecting strong market competitiveness [1] - The boundary between Meituan and Douyin in the in-store and travel business is becoming clearer, with potential for gradual margin recovery [1] - Long-term competitive advantages are significant, with improving industry dynamics and attractive current valuation [1] - Adjusted earnings forecasts due to rapid loss reduction in new businesses, maintaining "Buy" rating [1] Financial Performance Revenue - 2024E revenue forecast at RMB 327 54 billion, +18 4% YoY [1] - 2025E revenue forecast at RMB 384 46 billion, +17 4% YoY [1] - 2026E revenue forecast at RMB 441 29 billion, +14 8% YoY [1] Net Profit - 2024E net profit forecast at RMB 28 11 billion, +102 8% YoY [1] - 2025E net profit forecast at RMB 45 15 billion, +60 6% YoY [1] - 2026E net profit forecast at RMB 55 85 billion, +23 9% YoY [1] Key Metrics - 2024E EPS forecast at RMB 4 5 [1] - 2024E P/E ratio at 22 5x [1] - 2024E ROE at 15% [1] Business Segments Food Delivery - 24Q1 food delivery orders grew 24% YoY [1] - UE (unit economics) improved to RMB 1 18 per order in 24Q1 [1] - Flash delivery continues high growth, expected to be a key driver of revenue and profit growth [1] In-store & Travel - Competitive pressure from Douyin has eased [1] - 24Q1 operating margin reached 31%, up over 2 percentage points QoQ [1] - Market boundaries with Douyin are becoming clearer, supporting margin recovery [1] New Businesses - Community group buying business is in a rapid loss reduction cycle [1] - 24Q1 new business losses narrowed to RMB 2 77 billion, down 22 72% YoY and 20 76% QoQ [1] Valuation - Current market price: HK$110 4 [1] - Market capitalization: HK$688 35 billion [1] - 2024E-2026E P/E ratios: 22 5x, 14 1x, 11 5x respectively [1]

Investment Rating - The report maintains a "Buy" rating for Meituan-W (3690.HK) [2][3][10] Core Insights - In Q1 2024, Meituan's revenue grew by 25.01% year-on-year, with net profit attributable to shareholders increasing by 59.86% [2][22] - The company has adjusted its profit forecasts for 2024, 2025, and 2026 upwards by 20%, 8%, and 3% respectively, reflecting improved operational efficiency and a favorable competitive landscape [2][24] - The core business continues to perform well, with new business segments showing a rapid reduction in losses [2][22] Summary by Sections Financial Performance - Q1 2024 revenue reached 73.28 billion yuan, with a gross margin of 35.07%, up 1.26 percentage points year-on-year [6][22] - The company's operating expense ratio decreased to 29.35%, down 1.06 percentage points year-on-year [6][22] Business Segments - The core local commerce segment generated 54.63 billion yuan in revenue, growing by 27.38% year-on-year, while the new business segment reported 18.65 billion yuan, up 18.55% [26] - Instant delivery transactions increased by 28.1% year-on-year, with the introduction of brand satellite stores contributing to growth in the food delivery business [22][23] Market Position - The competitive landscape for the core business remains stable, with significant improvements in operational efficiency and a focus on reducing losses in new business areas [2][22][25] - The company has expanded its instant delivery network, with approximately 7,000 lightning warehouses established by the end of Q1 2024 [22][23]

美团-W（03690.HK） 优于大市 营销服务收入增速明显，经调整利润同比增长 36%。2024Q1，美团实现营业 收入 733 亿元，同比增长 25%。按收入类型划分，本季度即时配送服务/交易 佣金/营销服务收入分别同比增长+25%/+27%/+34%。营销服务收入增速明显， 美团在传统货架模式的基础上提升了营销能力。毛利率、研发费率持续优化， 销售费率环比有优化。2024Q1，美团实现调整后净利润 75 亿元，同比增长 36%；调整后净利润率 10.2%，同比提升 0.9pct。毛利率同比提升约 1pct， 得益于社区团购等业务毛利率改善。费用端，销售费率为 19%，同比提升 1.2pct，但环比下降 3.7pct，同比上升主要因公司在用户端补贴和进行营销 推广活动增加。环比下降主要系公司补贴更精细化。 核心本地：外卖单均盈利环比提升，到店酒旅经营利润率环比回暖。 1）餐饮外卖：订单量同比增长 24%，测算外卖收入增速 23%，收入增速与单 量增速差距持续收窄。利润端，单均 UE 1.18 元，同比下降 0.1 元，主要由 于单均价下降以及骑手补贴影响。环比提升主要系广告变现能力提高和规模 经济，预计二 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][11][26] Core Views - The company's Q1 2024 revenue reached 73.3 billion RMB, representing a year-over-year increase of 25% and exceeding Bloomberg's consensus estimate of 69 billion RMB [5][15] - Operating profit for Q1 2024 was 5.2 billion RMB, up 45% year-over-year, and net profit was 5.4 billion RMB, reflecting a 60% year-over-year increase [5][15] - The core local business revenue grew by 27% year-over-year to 54.6 billion RMB, driven by refined marketing and subsidy strategies [7][11] - The company is expected to achieve revenue forecasts of 329.8 billion RMB, 384.5 billion RMB, and 436.9 billion RMB for 2024, 2025, and 2026 respectively [11][26] Summary by Sections Financial Performance - Q1 2024 Non-GAAP net profit was 7.5 billion RMB, a 36% increase year-over-year, surpassing the expected 5.8 billion RMB [5][15] - The gross margin for Q1 2024 was 35.1%, an increase of 1.3 percentage points year-over-year, primarily due to improved margins in retail business [20][25] - The operating margin was 7.1%, and the net profit margin was 7.3%, both showing year-over-year improvements [20][25] Business Segments - The food delivery business saw a steady growth with a 24% year-over-year increase in order volume, reaching nearly 500 million active users [7][11] - The flash purchase business achieved a daily order volume of 8.4 million, with growth rates exceeding those of the food delivery segment [7][11] - The hotel and travel segment reported a GTV growth of over 60% year-over-year, with revenue growth of 33% [8][11] Valuation and Forecast - The report projects a target market value of 800.9 billion RMB for the company, with a target price of 128 RMB per share [11][26] - Adjusted earnings per share (EPS) forecasts are 4.66 RMB, 6.44 RMB, and 8.42 RMB for 2024, 2025, and 2026 respectively [11][26]

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 [Table_Industry] 社会服务 证 券 研 究 报 告 新业务超预期减亏，到家、到店有望打通协同 [Table_Invest]评级：增持 [当前价格 Table_CurPrice] :(港元) 110.40 美团-W(3690) [Table_Date] 2024.06.08 | --- | --- | |----------------------------|--------------| | | | | [Table_Market] 交易数据 | | | 52 周内股价区间 ( 港元 ) | 62.55-146.30 | | 当前股本 ( 百万股 ) | 6,235 | | 当前市值 ( 百万港元 ) | 688,350 | -49% -36% -22% -9% 5% 18% 2023/62023/72023/82023/9 2023/102023/112023/122024/12024/22024/32024/42024/52024/6 52周内股价走势图 美团- ...

2024 年 6 月 7 日 | --- | --- | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

7 Jun 2024 Meituan (3690 HK) 7 Jun 2024 | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------|---------|---------|---------|---------|---------|-----------|----------| | (RMB mn) | 1Q23 | 2Q23 | 3Q23 | 4Q23 | 1Q24 | Consensus | Diff (%) | | Revenue | 58,617 | 67,965 | 76,467 | 73,696 | 73,276 | 68,996 | 6.2% | | YoY | 26.7% | 33.4% | 22.1% | 22.6% | 25.0% | | | | By segment | | | | | | | | | CLC | 42,885 | 51,200 | 57,691 | 55,131 | 54,626 | 50,743 | 7.7% | | YoY | 25.5% | 39.2% | 24.5% ...

Revenue Growth - Revenue increased by 25.0% from RMB 586 billion in Q1 2023 to RMB 733 billion in Q1 2024, driven by growth in both core local commerce and new initiatives segments[8] - Revenue for Q1 2024 grew 25.0% year-over-year to RMB 73.276 billion, driven by strong performance in core local commerce and new business segments[72] - Revenue for Q1 2024 increased by 25.0% year-over-year to RMB 73.3 billion, with core local commerce revenue growing by 27.4% to RMB 54.6 billion[82][83] - Revenue for Q1 2024 reached RMB 73.28 billion, a 25% increase compared to RMB 58.62 billion in Q1 2023[131] Core Local Commerce Performance - Core local commerce revenue grew by 27.4% from RMB 429 billion in Q1 2023 to RMB 546 billion in Q1 2024, primarily due to increased transaction volume and higher online marketing revenue[11] - Core local commerce revenue reached RMB 54.626 billion in Q1 2024, with delivery services contributing RMB 21.065 billion and commission income at RMB 20.034 billion[63] - Core local commerce operating profit rose by 2.7% to RMB 9.7 billion, with an operating profit margin of 17.8%[83] - Core local commerce segment operating profit increased from RMB 9.4 billion in Q1 2023 to RMB 9.7 billion in Q1 2024, with operating profit margin decreasing from 22.0% to 17.8%, a drop of 4.2 percentage points[31] - Core local commerce operating profit increased to RMB 9.7 billion in Q1 2024 from RMB 8.0 billion in Q4 2023, with operating profit margin rising from 14.5% to 17.8%[108] - Core local commerce revenue decreased by 0.9% QoQ to RMB 54.6 billion, primarily due to reduced instant delivery transactions and lower merchant marketing spending during holidays, partially offset by growth in hotel and travel business revenue[93] New Business Segment Performance - New initiatives revenue rose by 18.5% from RMB 157 billion in Q1 2023 to RMB 187 billion in Q1 2024, mainly driven by growth in the retail business[11] - New business segment's operating loss narrowed to RMB 2.8 billion in Q1 2024 from RMB 5.0 billion in Q1 2023, with the loss margin improving by 17.2 percentage points to 14.8%[59] - New business segment narrowed its operating loss to RMB 2.8 billion from RMB 5.0 billion in the same period last year[82] - The company's new business segment revenue increased by 18.5% YoY to RMB 18.7 billion, with operating losses narrowing by 45.2% to RMB 2.8 billion, resulting in an improved operating loss margin of 14.8%[89] - New business operating loss narrowed to RMB 2.8 billion in Q1 2024 from RMB 4.8 billion in Q4 2023, with operating loss margin improving from 26.0% to 14.8%[110] Cost and Expense Management - Cost of sales increased by 22.6% from RMB 388 billion in Q1 2023 to RMB 476 billion in Q1 2024, with the cost-to-revenue ratio decreasing by 1.3 percentage points to 64.9%[14] - Sales and marketing expenses grew by 33.1% from RMB 104 billion in Q1 2023 to RMB 139 billion in Q1 2024, accounting for 19.0% of revenue, up 1.2 percentage points year-over-year[16] - R&D expenses remained stable at RMB 50 billion in Q1 2024, with the expense-to-revenue ratio decreasing by 1.8 percentage points to 6.8%[17] - General and administrative expenses increased by 15.2% from RMB 20 billion in Q1 2023 to RMB 23 billion in Q1 2024, maintaining a stable expense-to-revenue ratio of 3.1%[18] - Sales and marketing expenses decreased by 17.0% QoQ to RMB 13.9 billion, accounting for 19.0% of revenue, down 3.7 percentage points, mainly due to reduced user incentives and promotional spending[98] - R&D expenses decreased by 7.8% QoQ to RMB 5.0 billion, accounting for 6.8% of revenue, down 0.6 percentage points, reflecting efforts to improve operational efficiency[100] - General and administrative expenses decreased by 14.9% QoQ to RMB 2.3 billion, accounting for 3.1% of revenue, down 0.6 percentage points, also due to improved operational efficiency[101] - The company's cost of sales decreased by 2.3% QoQ to RMB 47.6 billion, accounting for 64.9% of revenue, down 1.2 percentage points, mainly due to improved gross margins in the retail business[97] Profitability and Margins - Operating profit for Q1 2024 reached RMB 5.209 billion, with an operating profit margin of 7.1%, compared to RMB 3.586 billion and 6.1% in Q1 2023[55] - Net profit for Q1 2024 was RMB 5.369 billion, a 59.9% increase compared to RMB 3.358 billion in Q1 2023[72] - Adjusted EBITDA for Q1 2024 was RMB 8.070 billion, up 28.9% from RMB 6.262 billion in Q1 2023[72] - Adjusted EBITDA and adjusted net profit increased to RMB 8.1 billion and RMB 7.5 billion, respectively[82] - Operating profit for Q1 2024 was RMB 5.2 billion with an operating profit margin of 7.1%, compared to RMB 1.8 billion and 2.4% in Q4 2023[105] - Net profit attributable to equity holders increased to RMB 5.4 billion in Q1 2024 from RMB 2.2 billion in Q4 2023[112] - Adjusted EBITDA for Q1 2024 was RMB 8.1 billion, compared to RMB 6.3 billion in Q1 2023 and RMB 3.7 billion in Q4 2023[123] - Gross profit for Q1 2024 was RMB 25.697 billion, up from RMB 24.993 billion in Q4 2023, reflecting improved cost management[62] - Gross profit for Q1 2024 was RMB 25.70 billion, up 29.7% from RMB 19.82 billion in Q1 2023[131] - Operating profit for Q1 2024 stood at RMB 5.21 billion, a 45.3% increase from RMB 3.59 billion in Q1 2023[131] - Net profit attributable to the company's shareholders in Q1 2024 was RMB 5.37 billion, a 59.9% increase from RMB 3.36 billion in Q1 2023[131] Cash Flow and Financial Position - The company repurchased 82,508,300 Class B shares for a total consideration of HKD 7,173,699,610.55 during the period up to the announcement date[1] - Cash and cash equivalents stood at RMB 50.8 billion, with short-term financial investments at RMB 87.8 billion as of March 31, 2024[82] - Net cash generated from operating activities in Q1 2024 was RMB 6.0 billion, primarily due to pre-tax profit and adjustments for non-cash items and changes in working capital[124] - Cash and cash equivalents plus short-term financial investments totaled RMB 138.6 billion as of March 31, 2024[118] - Net cash generated from investing activities in Q1 2024 was RMB 23.3 billion, primarily due to proceeds from disposal of investments[119] - Net cash used in financing activities in Q1 2024 was RMB 11.9 billion, mainly due to repayment of borrowings[119] - Net cash flow from investing activities in Q1 2024 was RMB 23.3 billion, primarily driven by net cash from financial investments, partially offset by purchases of property, plant, and equipment and other investments[126] - Net cash flow used in financing activities in Q1 2024 was RMB 11.9 billion, mainly due to repayment of borrowings and interest, as well as the repurchase of Class B shares[127] - The capital-debt ratio as of March 31, 2024, was approximately 30%, calculated as total borrowings and notes payable divided by total equity attributable to the company's shareholders[128] - Total assets as of March 31, 2024, were RMB 285.31 billion, a slight decrease from RMB 293.03 billion as of December 31, 2023[132] - Total liabilities as of March 31, 2024, were RMB 128.57 billion, down from RMB 141.07 billion as of December 31, 2023[133] Other Income and Expenses - Net other income increased to RMB 1.4 billion in Q1 2024 from RMB 1.3 billion in Q1 2023, driven by fair value changes in financial investments[21] - Financial assets impairment losses decreased to RMB 175.4 million in Q1 2024 from RMB 255.3 million in Q1 2023, reflecting changes in expected credit losses[19] - The company's equity-accounted investments turned a profit of RMB 314.2 million in Q1 2024, compared to a loss of RMB 49.8 million in Q1 2023[60] - Share-based compensation expenses were RMB 1.9 billion in Q1 2024, slightly lower than RMB 1.9 billion in Q4 2023[123] - Depreciation and amortization expenses were RMB 1.9 billion in Q1 2024, compared to RMB 1.9 billion in Q4 2023[123] Corporate Governance and Compliance - The company's interim financial data for the three months ended March 31, 2024, is unaudited and should be read together with the 2023 financial statements, which were prepared in accordance with International Financial Reporting Standards[22] - The company has adopted the principles and code provisions of the Corporate Governance Code as the basis for its corporate governance practices, with the exception of Code Provision C.2.1, which requires the separation of the roles of chairman and CEO[24] - The company's chairman and CEO roles are currently held by Mr. Wang Xing, as the board believes this arrangement ensures consistent internal leadership and more effective and efficient strategic planning[24] - The company has adopted the Standard Code for Securities Transactions by Directors of Listed Issuers as the code of conduct for directors' securities transactions, and all directors confirmed compliance with the code during the three months ended March 31, 2024[25] - No significant events affecting the company have occurred since March 31, 2024, other than those disclosed in the report[26] - The company's forward-looking statements in the announcement are based on subjective expectations, assumptions, and premises, and involve significant risks and uncertainties, and should not be overly relied upon by investors[30] Operational Highlights - Domestic hotel room nights and transaction value in the hotel and travel business achieved strong year-over-year growth in Q1 2024, particularly in niche destinations and lower-tier cities[65] - Meituan Youxuan's operational efficiency improved significantly in Q1 2024, with reduced per-unit fulfillment costs and enhanced marketing efficiency, leading to a narrowing of operating losses[66] - Instant delivery transactions grew by 28.1% year-over-year to 5.46 billion[76] - Meituan Maicai's daily order volume reached a new high in Q1, driven by improved consumer experience and operational enhancements[84] - Meituan Flash maintained rapid growth, with a significant increase in transaction users and frequency, and expanded its "Meituan Flash Warehouse" to approximately 7,000 locations[86] - The company expanded its "Meituan Official Live Streaming" to more regions and increased live streaming frequency, leading to rapid growth in merchant participation[87] - The company implemented a direct operation model nationwide, enabling entry into lower-tier markets and benefiting from digital transformation and strong consumption potential in these areas[87] - The company's gross merchandise value (GMV) for core local commerce was RMB 547.3 billion in Q1 2024, slightly down from RMB 551.3 billion in Q4 2023[92]