Jinwu Financial News | According to Huachuang Securities Research Report, Meituan (03690) 24Q3 achieved revenue of 93.6 billion yuan, yoy +22.4%; achieved operating profit of 13.7 billion yuan, yoy +307.5%; achieved adjusted EBITDA of 14.5 billion yuan, yoy +135%; achieved adjusted net profit of 12.8 billion yuan, yoy +124%. Instant delivery order volume Q3 achieved 7.078 billion orders, yoy +14.5%; core local commercial Q3 achieved revenue of 69.4 billion yuan, yoy +20%, achieving operating profit of 14.6 billion yuan and yoy +44%; new business Q3 achieved revenue of 24.2 billion yuan, achieving operating profit of -1 billion yuan.

According to the bank, core local commercial operations are steady, and Meituan flash sales have taken advantage of growth. 1) Instant delivery orders increased 14.5% year over year; 2) In-store wine travel orders increased by more than 50% year over year. New businesses have increased overseas investment, and some business formats have gradually contributed steadily to profits.

Considering the increase in overseas business investment, the new business revenue growth slightly exceeded expectations. The bank slightly adjusted the company's 24-26 revenue forecast of 340.5/399.2/462.6 billion yuan (previous value was 332.9/391.8/445.3 billion yuan), used a segmented valuation method, and gave 20XPE to the 25-year core commercial operating profit (that is, home business and in-store business). The new business was given a target price of HK$213, maintaining the “recommended” rating.