MEITUAN(03690) 国证国际证券·2024-12-02 05:23Investment Rating - The investment rating for the company is "Buy" with a target price of HKD 211 for the next six months [3][4]. Core Insights - The company's core local business profit exceeded market expectations by 14% in Q3, with significant improvements in both food delivery and in-store travel services [10][11]. - The report anticipates a revenue growth of 19% year-on-year in Q4, with core local business and new business revenues expected to grow by 18% and 22% respectively [13]. - The company is expected to benefit from its competitive advantages in instant delivery and the ongoing digitalization of the travel sector, alongside controlled losses in overseas business ventures [13]. Financial Summary - For the fiscal year ending December 31, 2023, the company reported revenues of HKD 276,745 million, a 26% year-on-year increase, with adjusted net profit reaching HKD 23,253 million, reflecting an 8.4% net profit margin [9][10]. - The projected revenues for 2024, 2025, and 2026 are HKD 336,889 million, HKD 392,556 million, and HKD 447,463 million respectively, with corresponding growth rates of 22%, 17%, and 14% [9][10]. - The adjusted net profit is expected to grow to HKD 43,859 million in 2024, with a net profit margin of 13% [9][10]. Shareholder Structure - The major shareholders include Wang Xing with 8.90%, BlackRock with 5.97%, and Vanguard Group with 5.20%, while other shareholders account for 74.98% [7]. Stock Performance - The stock has shown a relative return of -4.79% over the past month, but a significant increase of 76.51% over the past year [8]. - The stock price as of November 29, 2024, was HKD 168.7, with a market capitalization of HKD 1,008,936 million [5][6].