MEITUAN(03690) Ge Long Hui·2025-06-02 18:39Overall Performance - The company achieved revenue of 86.6 billion yuan in FY2025 Q1, exceeding Bloomberg's consensus estimate of 85.4 billion yuan, with a year-on-year growth of 18.1% [1] - Adjusted net profit totaled 10.95 billion yuan, surpassing the expected 9.73 billion yuan, reflecting a year-on-year increase of 46.2% [1] - The adjusted net profit margin was 12.6%, up by 2.4 percentage points year-on-year [1] Core Local Business - Revenue from core local business reached 64.3 billion yuan, growing 17.8% year-on-year, with operating profit of 13.5 billion yuan, a 39.1% increase [1] - The food delivery segment maintained healthy growth, with increased user engagement and order frequency [2] - The instant retail business, Meituan Flash Purchase, showed strong growth, with the number of flash warehouses and order proportion continuously rising [1][2] New Business Developments - New business revenue was 22.2 billion yuan, with a year-on-year growth of 19.2%, and operating losses narrowed by 17.5% to 2.3 billion yuan [1] - Meituan's new initiatives in the education sector, such as "Anxin Study," have expanded the product categories and service range, with over 20,000 educational institutions connected [2] - The company is focusing on enhancing operational efficiency in Meituan Youxuan, with expectations of reduced losses due to supply chain transformation and improved unit economics [3] Market Expansion and Competition - The company is expanding its overseas market presence, with Keeta launching in nine major cities in Saudi Arabia and plans to enter Brazil [3] - The competitive landscape is intensifying, with JD and Ele.me increasing subsidy investments, and Alibaba upgrading its instant retail business [3] - Despite short-term performance fluctuations due to competitive pressures, the long-term growth trajectory remains positive, driven by a comprehensive local service ecosystem [3] Financial Projections - The company forecasts overall revenue of 390.4 billion, 437.7 billion, and 483.9 billion yuan for 2025, 2026, and 2027 respectively, with adjusted net profits of 47.8 billion, 57.6 billion, and 69 billion yuan [3] - The company maintains a "buy" rating based on its robust local service network and growth potential in instant retail and overseas markets [3]