I. OVERALL SITUATION
todays $MEITUAN-W (03690.HK)$ Financial results for the second quarter of 2023 have been announced.The overall financial data, as always, surpassed market expectations, and both revenue and net profit reached record highs. Meituan's second-quarter revenue was 69.765 billion yuan, up 37.1% year on year, and adjusted net profit was 7.66 billion yuan, a year-on-year increase of 272.2%. The data is still beautiful.
The profit for a single quarter was 7.67 billion yuan. According to this trend, a total profit of 30.7 billion yuan can be achieved in 4 quarters. Well, according to the current market value of Meituan, Forward PE is only 28, and in terms of Meituan's valuation, it's finally not expensive! There are relatively many businesses in Meituan. The following chart can clearly introduce Meituan's main business situation:
II. Core data for financial reports
1. Operating revenue — 20% + growth rate for 4 consecutive quarters
Q2 Meituandu's second-quarter revenue was RMB 69.765 billion, up 37.1% year-on-year. It is one of the few internet companies that can maintain 20% + growth for 4 consecutive quarters. Basically, this growth rate is only comparable to Pinduoduo. By business (Meituan's financial reporting business division model began to be changed in Q2 2022):
Core local businesses:Q2 revenue was 512 billion yuan, an increase of 39.1% over the previous year;
New business：Q2 revenue was 16.8 billion yuan, an increase of 18.1% over the previous year. The growth rate of local core business was still higher than that of new business.
Attached: Meituan's revenue data:
By nature:
Delivery...