The bank believes that the long-term significance outweighs the short-term cost impacts, and matters like social security have been brewing for several years, with inherent cycles in their promotion, which is beneficial in the long run for the health of the platform ecosystem and strengthening competitiveness.
According to the Zhitong Finance APP, CITIC SEC released a Research Report stating that MEITUAN-W (03690) has been very proactive in the investment and application of new technologies. This wave of technological innovation is more favorable for leading enterprises in various niches to enhance their competitiveness, maintaining a "Buy" rating. It is expected that in Q4 2024, MEITUAN's overall revenue will reach 87.78 billion yuan, a year-on-year increase of 19.1%, with operating profit of 9.1 billion yuan, a year-on-year growth of 417.3% (including instant delivery 6.6 billion yuan, year-on-year increase of 42.2%; in-store 5.05 billion yuan, year-on-year rise of 49.6%; new business -2.11 billion yuan, significant reduction in losses year-on-year), and adjusted net income of 10.42 billion yuan, a year-on-year increase of 138.1%.
The company's business has maintained resilience and continued steady growth. Recently, the company announced that starting from Q2 2025, it will gradually pay social security for full-time and stable part-time riders. This is another event to strengthen the stability of the core business ecosystem, following measures such as "exemption from penalties for overtime," "pilot for fatigue prevention," and providing support funds to dining merchants. In this regard, the bank believes that the long-term significance outweighs the short-term cost impacts, and matters like social security have been brewing for several years, with inherent cycles in their promotion, which is beneficial in the long run for the health of the platform ecosystem and strengthening competitiveness.
Today, after hitting the high near 24,000 in the early session and entering bearish positions, the index fell sharply by nearly over 600 points, immediately recouping yesterday's losses significantly.
Moreover, today it broke the new high again, reaching a maximum of 24,076, but by the end of the market, it fell back by about 70 points, producing a bearish candle. The current trend has not yet been broken, but from the previous low until now, it has risen close to 6,000 points. It is believed that those with positions can continue to hold until there is a clear trend reversal for profit-taking. Those without positions can wait for a pullback to get in. Actually, it is hoped for a quick pullback, as it allows for entry and also provides a healthy breath.
Currently, the outlook remains the same as before. It is believed that even if there is a pullback, it shouldn't be too deep. However, if Futures fail to stabilize and close below 22,350, there may still be room for decline. The chance of Futures falling below 21,400 in the short term should be low, so it is considered that if a significant pullback occurs, it presents a good opportunity to incrementally go long. Recently, there has been a consistent approach to not hold positions overnight, only focusing on immediate trades, as there is no high chasing and no casual short selling.
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