It was reported by Sina Finance app that Citigroup released a research report stating that Meituan-W (03690) third-quarter performance met or slightly exceeded expectations. The bank maintains the company's target price at HK$192 and the "buy" rating unchanged.

Citigroup believes that the third-quarter performance is mainly driven by demand from restaurants, travel, and flash sales, benefiting from disciplined spending and operational leverage, expecting unit economic efficiency and profits to be better than expected.

As for the performance in the fourth quarter, Citigroup stated that the demand and related indicators during the National Day Golden Week in October were stable, and the recent strong stock price performance seems to support the possibility of upward revisions to the fourth quarter and 2025 financial estimates. However, the focus is on whether meeting "expected fourth quarter guidance" alone is enough to meet the market's high expectations.

The bank maintains a positive view on Meituan due to its execution capabilities and stable performance, keeping the financial forecasts unchanged for now and maintaining the company's target price and investment rating. According to the bank's estimate, Meituan's third-quarter adjusted net profit was 13.8 billion yuan; total revenue increased by 20% year-on-year to 91.9 billion yuan. For the fourth quarter, the expected adjusted net profit is 11.25 billion yuan; total revenue is expected to increase by 18.3% to 87.2 billion yuan.