$MEITUAN-W (03690.HK)$Just announced the first quarter results for 2024, the company's revenue grew 58% to RMB733 billion in the first quarter of this year.Better than expected by the market。 Adjusted EBITDA and Adjusted Net Profit for the quarter increased to RMB 81 billion and RMB 75 billion, respectively.Far ahead of market expectations。 In addition, the performance of core local business revenue and new business beat market expectations, but stronger profitability led the company to achieve operating cash inflows of RMB60 billion in the first quarter. Cash and cash equivalents on hand and short-term banking investments were RMB508 billion in the first quarter. Yuan and RMB 878 billion.
In addition to the large number of earnings reports, we mainly focus on the following operating conditions in order to determine the direction of development of the company in the company's performance:
1. Good Operating Margin Performance in Core Business
incorporationCore Local BusinessSegment revenue grew 27.4% year-on-year to RMB546 billion, and operating profit increased 2.7% year-on-year to RMB97 billion,Operating margin of 17.8%。 The chart above shows that although profitability has declined year-on-year, this is not a big issue given the strong underlying effects following last year's pandemic. On the contrary, the company's profit margin is quarterlyThere are significant signs of improvement, the ratio increased by 3.3 percentage points to 17.8%, reflectingGood ability of the company to control costs, the company has not had drivers or other costs due to the constant worries of the market...