20230529-招银国际-美团-W-03690.HK-Determined_to_maintain_local_consumer_services_industry_consumer_mind_share_8页_1mb

报告摘要

Financial Results: Meituan's Q1 2023 revenue reached RMB58.6bn, up 26.7% YoY, exceeding forecasts. Adjusted net profit was RMB5.5bn, higher than consensus estimates, due to strong core local commerce performance and improved operating efficiency.
Key Drivers: Unit economics expansion in food delivery business contributed to better-than-expected profitability. Cost controls and strategic investments in in-store hotel and travel (ISHT) helped fend off competition, with ISHT GMV growing 100% YoY.
Valuation: DCF-based target price increased to HK$172.0, reflecting 3.5x 2023E PS multiple. Reverse SOTP valuation cross-checked the target, implying 0.9x 2023E PS for new initiatives.
Recommendation: Maintain BUY rating, with expectation of continued growth driven by market share maintenance in local consumer services and aggressive investment strategies until competition ease.

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