MEITUAN(03690) 华安证券·2024-06-17 08:31Investment Rating - The investment rating for Meituan-W (03690) is "Buy" (maintained) [9] Core Views - The report highlights that Meituan's total revenue for Q1 2024 reached 732.76 billion HKD, representing a year-over-year growth of 25.0%, slightly above consensus expectations by 6.2% [9] - Adjusted net profit for the same period was 74.88 billion HKD, with a year-over-year increase of 36.4%, exceeding consensus expectations by 24.8% [9] - The report anticipates that Meituan's revenue will reach 328.2 billion HKD, 377.8 billion HKD, and 434.0 billion HKD for the years 2024, 2025, and 2026 respectively, with growth rates of 19% and 15% [11][12] Summary by Sections Financial Performance - Meituan's Q1 2024 core local business revenue was 546.26 billion HKD, up 27.4% year-over-year, with an operating profit margin of 17.8% [9] - The new business segment generated revenue of 187 billion HKD in Q1 2024, an increase of 18.5% year-over-year, with operating losses narrowing to 28 billion HKD [9][12] Business Segments - The report notes strong growth in the food delivery and instant purchase segments, with transaction volumes increasing by 28% year-over-year, reaching 5.465 billion orders [9] - Meituan is innovating based on current consumer trends, launching brand satellite stores to optimize cost structures for chain merchants and expanding the reach of its "Pinhai Fan" service [9] Future Outlook - The report maintains a positive long-term outlook on Meituan's operational capabilities and business barriers, emphasizing its "extreme execution" in the retail sector [4][9] - The estimated reasonable stock price based on the SOTP valuation method is 152 HKD [4]