【招银国际】Proactively responding to competition in food delivery market-250527（7页）.pdf

1、 PLEASE READ THE ANALYST CERTIFICATION AND IMPORTANT DISCLOSURES ON LAST PAGE MORE REPORTS FROM BLOOMBERG:RESP CMBR OR http:/.hk 1 MN 27 May 2025 CMB International Global Markets|Equity Research|Company Update Meituan(3690 HK)Proactively responding to competition in food delivery market Meituan repo

2、rted(26 May)its 1Q25 results:revenue was RMB86.6bn,up 18%YoY,1%higher than both our forecast and Bloomberg consensus estimate,while adj.NP reached RMB10.9bn,up 46%YoY,and was 12/13%higher than our forecast/consensus estimates.The RMB13.5bn OP for the core local commerce(CLC)segment was 10%better tha

3、n consensus,mainly attributable to the beat in OP of food delivery(FD)business aided by optimization in user subsidy,in our view.Since competition is gearing up for the food delivery business,and industry players are deploying more resources to accelerate the development of instant retail business,M

4、eituan is proactively responding and trading off short-term profitability to enhance user stickiness,to ride on the tide of accelerated industry penetration.Meanwhile,Meituan remains committed to invest in international expansion to drive long-term revenue and earnings growth.We remain positive on M

5、eituans competitive edge in the FD industry,and believe industry competition should return to rationality in due course,but there will be a lack of visibility in the short term.We lower our 2025-2027E revenue/adj.NP forecasts by 1-2%/11-21%to account for the additional investment in the FD business,

6、and incremental investment to support overseas expansion of the FD business.Our DCF-based TP was cut by 9%to HK$181.6(previous:HK$200.20),translating into 25x 2025E adjusted PE.Maintain BUY.Proactively respond to competition and target to maintain market share.CLC segment rev/OP was RMB64.3bn/13.5bn