Jinwu Financial News | According to Yongxing Securities Research, Meituan (03690) released the results report for the third quarter of 2024 on November 29. Financial reports show that during the reporting period, Meituan achieved revenue of 93.577 billion yuan, an increase of 22.4% year on year; adjusted net profit was 12.8 billion yuan, an increase of 124% year on year. In the third quarter, the average daily volume of Meituan flash sales exceeded 10 million orders, and the number of trading users and transaction frequency achieved double-digit growth. On the day of “Tanabata,” the peak number of orders surpassed 16 million orders.
According to the bank, in terms of new business, the quarterly loss of the new business narrowed further to 1 billion yuan as the efficiency of the retail business improved. According to the company's three-quarter report, in October, Keeta was officially launched in Saudi Arabia's capital Riyadh. The company's international expansion took an important step. In the long run, the company's overseas business is worth paying attention to.
The bank said it is optimistic that with the organizational structure reform being promoted continuously, on the one hand, the company's core local commercial business will develop steadily, and on the other hand, the new business will continue to reduce losses. The bank raised the company's revenue and profit forecasts. The bank predicts that the company's 2024-2026 revenue will be 339.5, 392, and 450.6 billion yuan, respectively; the company's adjusted profit for 2024-26 will be 43, 54.3, and 68.1 billion yuan, respectively. Maintain a “buy” rating.
