20240617-华安证券-美团-W-03690.HK-1Q24业绩点评_利润超预期_新业务持续减亏_4页

美团2024年第一季度业绩表现强劲，收入与利润均显著超预期。总体来看，公司的核心本地商业收入和新业务收入均实现了高速增长，但新业务分部亏损有所收窄。

业绩亮点包括总收入增长达250%，远超市场预期，其中核心本地商业表现尤为突出，收入同比增长274%。外卖与闪购服务在用户数量和交易频率方面继续保持高度增长。与此同时，新业务分部经营亏损较前一个季度有所减少，显示出在高质量运营方向上的进展。

分析师维持“买入”评级，预计2024年及未来几年营收保持稳步增长，并对美团的发展潜力表示持续看好。风险主要来自政策变化和竞争加剧等方面。

Performance Summary for Meituan Q1 2024:

• Meituan's total revenue reached RMB 732.76 billion for Q1 2024, growing by 250% YoY, exceeding market expectations.
• Core local commerce income grew by 274% YoY, contributing significantly to the overall performance.
• Key food delivery services maintained robust user engagement and transaction growth rates.
• New initiatives demonstrated improved operating efficiency and reduced losses.

Analysts recommend buying the stock due to expected growth, albeit with risks including policy changes and intensifying competition.