[Brokerage Focus] Guotai Junan Securities raised Meituan's (03690) target price to HK$211, pointing out that the offline liquor and travel sector will continue to benefit in the mid to long term from the increase in online penetration.

According to Jinwu Finance, Guozheng International Research pointed out that Meituan (03690) had a total revenue of 93.6 billion yuan in the third quarter, a 22% year-on-year increase, exceeding market expectations by 2%. Among this, the core local business and new business revenues were 69.4 billion yuan and 24 billion yuan, respectively, with year-on-year increases of 20% and 29%. The core local business operating profit was 14.6 billion yuan, exceeding market expectations by 14%, and represented a year-on-year increase of 44%, continuing the high growth trend of the second quarter, with an operating profit margin of 21%, compared to 17.5% in the same period last year. The new business loss narrowed to 1 billion yuan, compared to 5.1 billion yuan and 1.3 billion yuan in the same period last year and in Q2 2024, respectively. Sales and administrative expenses increased by 6% year-on-year.

Jinwu Financial News18minutes ago

Large firm ratings｜CMB International: raised the target price for Meituan to HKD 199.2, adjusted non-IFRS earnings forecast for 2024 to 2026.

Guotai Junan International's report stated that Meituan's third-quarter performance revenue reached 93.6 billion yuan, a 22% year-on-year increase, exceeding both the bank's and the market's expectations by 2%. Adjusted net income reached 12.8 billion yuan, 4% and 10% higher than the bank's and market's expectations respectively, primarily benefiting from the optimization of subsidies in the takeaway business resulting in better-than-expected operating profit from core local commercial business, and better-than-expected improvement in the efficiency of new business operations leading to a narrower-than-expected loss. The report indicated that Meituan is actively promoting internal operational integration of local commercial business to drive high-quality profit growth from a more holistic perspective. Regarding support for delivery riders and merchants.

Gelonghui Finance23minutes ago

[Brokerage Focus] Citigroup maintains a "buy" rating on Meituan (03690), pointing out that its third-quarter performance is robust, with market share and profits exceeding expectations.

King's Finance | Citigroup conducted an in-depth analysis of Meituan's (03690) third-quarter performance in its latest research report. The report points out that Meituan's total revenue in the third quarter was RMB 9.36 billion, a year-on-year increase of 22%, a quarter-on-quarter increase of 13.8%, exceeding Citigroup and market expectations. Core local business revenue increased by 20.2% to RMB 6.94 billion, while new business revenue increased by 28.9% year-on-year, reaching RMB 2.42 billion. Citigroup is satisfied with Meituan's third-quarter performance, believing that its revenue and adjusted net income exceeded market expectations. Meituan's real-time transaction volume increased year-on-year.

Golden Imperial Financial News01:18 ET

[Brokerage Focus] Guosen raised Meituan's (03690) target price by 40-48%, indicating excellent profit performance in the third quarter.

Jingu Finance News | Guosen Securities released a research report, stating that Meituan (03690) achieved revenue of 93.6 billion yuan in the third quarter, a year-on-year increase of 22%. Classified by revenue type, instant delivery service/trade commissions/marketing services revenue each saw a year-on-year growth of +21%/+25%/+18% in the third quarter. Meituan achieved adjusted net income of 12.8 billion yuan in the third quarter, a year-on-year increase of 124%; the adjusted net profit margin was 14%, an increase of 7 percentage points year-on-year. Among them, the gross margin increased by approximately 4 percentage points year-on-year, benefiting from cost efficiency improvements; the R&D expense ratio decreased by 1.3 percentage points year-on-year, reflecting the operational leverage effect on personnel efficiency.

Jingu Caixun01:00 ET

[Brokerage Focus] Goldman Sachs cuts Meituan (03690) target price by 5.7%, expecting market expectations to rise.

Goldman Sachs research reports indicate that Meituan (03690) performed better than expected in the third quarter, with revenue increasing by 22% and adjusted EBIT increasing by 196% year-on-year. The adjusted EBIT for the core local business in the third quarter was leading at 14.6 billion RMB, a 44% year-on-year increase, higher than market expectations. The bank predicts that the adjusted EBIT for the core local business in the fourth quarter will increase by 46%, surpassing its previous forecast and market expectations, mainly due to better-than-expected performance in the video delivery business. Despite the strong momentum in core local business profits from the third quarter to the fourth quarter, and new business losses in the third quarter being less than expected, at 1 billion.

Jingu Financial News23:05 ET

Meituan's Food Delivery Order Volume Growth May Slow in 4Q -- Market Talk

WSJ22:44 ET