Guosen Securities: "Buy" rating for Meituan -W (03690.HK) with target price of HK $125.00 to HK $144.00

  Guosen Securities released an announcement on June 24. Meituan’s 24Q1 performance shows that Meituan has found its own path to more refined subsidies and operations under macro pressure and competitive pressure. The profit side is expected to continue to release well. Maintain the profit forecast, combined with our neutral forecast for Meituan’s operating profit in the hotel and wine business, it is expected to achieve adjusted net profit of 366/491/58.30 billion yuan in 2024-2026, corresponding to the PE value of 19/14/12 x. Maintain the target price of HK $125-144. We are still optimistic about the competitive advantage of the company’s core business and continue to maintain the "better than the big market" rating.