I. OVERALL SITUATION
todays $MEITUAN-W (03690.HK)$ The financial report for the third quarter of 2023 was announced. Judging from the data alone, it still exceeded market expectations. Revenue reached a record high, and adjusted net profit market expectations were relatively low, and it also greatly exceeded expectations. The new business fell a bit short of expectations.
However, this data can only be said to be in line with the regulations. In particular, Pinduoduo, which released its earnings report on the same day today (Pinduoduo's revenue growth rate was 94%), Meituan has also gradually begun to stabilize after so many years of hard work. It no longer has the previous high growth rate, but it has also begun to stabilize profits. It is estimated that the net profit for the whole year is over 22 billion yuan, so it can be directly valued according to PE. According to today's closing price, Meituan's adjusted net profit for the first 3 quarters of this year was 18.9 billion yuan. Even if calculated at 3 billion dollars in the fourth quarter, there was a net profit of 22 billion dollars for the whole year. Calculating PE 26, the corresponding current growth rate is not very expensive.
There are relatively many businesses in Meituan. The picture below clearly introduces Meituan's main business situation. The focus is still on showing you Meituan's financial data. As for the opinions on Meituan's financial reports, I don't think I can say much. I have talked about most of the previous financial reports. If you are interested, you can check out the link to Meituan's historical earnings article at the end of the article.
II. Core Financial Report Data
1. Revenue — 5 consecutive quarters of 20% +growth
Meituan's revenue for the third quarter was 76.467 billion yuan, up 22.2% year on year. It is one of the few continuous...