The Zhitong Finance App learned that GF Securities released a research report stating that it maintains the Meituan-W (03690) “buy” rating and expects revenue of 331.7 billion yuan and 388.6 billion yuan in 2024-25; adjusted net profit is 348,53.2 billion yuan, with a reasonable value of HK$176.05, which is optimistic about the company's long-term business barriers and profitability. The bank remains optimistic about the profitability and long-term competitiveness of Meituan's core local businesses. The easing of competitive trends in the in-store business is doubly beneficial to Meituan's door-to-door business OPM and valuation repair; the overall profitability of takeout is guaranteed. Increased loss reduction in community group purchases will effectively increase overall profits.