[Brokerage Focus] Guosen maintains Meituan (03690) 'Outperform Market' rating, indicating that Operating performance is expected to further accelerate and show growth elasticity.
Jinwu Finance | Guosen released a Research Report indicating that Meituan (03690) is expected to achieve revenue of 88.5 billion yuan in Q4 2024, a year-on-year increase of 20%. By revenue type, the instant delivery service/Trade commissions/Marketing Services revenue increased year-on-year by +19%/+25%/+18% respectively. The gross margin, sales expense ratio, and research and development expense ratio have improved significantly, and net income has increased markedly. This quarter, Meituan achieved an adjusted net income of 9.8 billion yuan, a 125% year-on-year increase; adjusted net income margin of 11%, up 5 percentage points year-on-year. Among them, the gross margin increased by about 4 percentage points year-on-year, benefiting from improved cost efficiency; R&D
【Brokerage Focus】Huaan maintains a "Buy" rating on Meituan (03690) and is bullish on the company's "extreme execution" organization in its long-term exploration of the retail field.
Jinwu Finance | Huaan's Research Reports indicate that Meituan (03690) will have total revenue of 88.5 billion yuan in Q4 2024, a year-on-year increase of 20%, slightly above the consensus expectation of 0.6%. In terms of profitability, adjusted EBITDA is 11.5 billion yuan, a year-on-year increase of 207%, below the consensus expectation of 1.7%; adjusted Net income is 9.8 billion yuan, a year-on-year increase of 98%, basically inline. Regarding segment revenues, in Q4 2024, core local business revenue is 65.6 billion yuan, a year-on-year increase of 19%, exceeding the consensus expectation of 0.4%, and operating profit is 12.9 billion yuan, a year-on-year increase of 61%, exceeding.
The pattern of "weak performance of the technology stocks" in the Hong Kong stock market is intensifying. What direction will the market take next?
① Currently, the profit growth of Hong Kong stocks mainly relies on the optimization of profit margins in the Technology Sector rather than revenue expansion. Does this imply that the foundation for sustained market growth in the future is relatively weak? ② For the "Adjustment of Technology Positions + Dividend Hedging" strategy proposed by CICC, how should investors balance the conflict between short-term volatility defense and long-term strategy adherence?
Capital movement | North investors sold over 0.4 billion HKD of Xiaomi, significantly increasing holdings in POP MART by over 0.7 billion.
Track the latest trends of southward capital.
The Zephirin Group Downgrades Meituan to Hold From Buy, Adjusts Price Target to HK$140 From HK$148
Choosing between A-shares or Hong Kong stocks, Technology or non-Technology? Goldman Sachs' Research Reports respond to two major hot topics in investing in China.
① Currently, should investors continue investing in Hong Kong Stocks or shift to the A-share market? Should the focus be on the Technology Sector or shift to Consumer, Real Estate, and other non-Technology sectors? ② On Wednesday, Goldman Sachs' chief China Stocks strategist, Liu Jinjing, provided an analysis in his report.
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