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<Research>CICC: MEITUAN-W Vows to Stand Resolutely in Food Delivery Battle; ST Results Likely to Erode, but LT Confidence Remains
MEITUAN-W (03690.HK) delivered an ascending pattern today (27th). It once sank to an intraday low of HKD122.3 with a slump of 5.5%, but eventually managed a rebound at midday. It l...
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<Research>CICC: MEITUAN-W Vows to Stand Resolutely in Food Delivery Battle; ST Results Likely to Erode, but LT Confidence Remains
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MEITUAN-W (03690.HK)  -2.100 (-1.499%)    Short selling $1.63B; Ratio 17.427%   delivered an ascending pattern today (27th). It once sank to an intraday low of HKD122.3 with a slump of 5.5%, but eventually managed a rebound at midday. It last traded at HKD132, up 2%, on a turnover of HKD9.575 billion.

According to a CICC report, MEITUAN-W's 1Q25 revenue grew by 18% YoY to RMB86.6 billion, beating the broker's expectations by 1.4%, while its adjusted net profit reached RMB10.95 billion, 21% higher than the broker's expectations. These achievements were attributable to better-than-expected core local commerce operating profit and smaller-than-expected losses in unallocated items. The company's adjusted net profit margin stood at 12.6%.

Related NewsMEITUAN-W 1Q Non-IFRS Adj. NP Up 46.2% YoY Beats
The report also highlighted the resolve of MEITUAN-W's food delivery business in tackling competition. While the company's short-term results may erode, CICC remains confident in its long-term prospects.

The broker kept an Outperform rating on MEITUAN-W with a target price of HKD177 in light of the resilience of its food delivery business.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2025-05-30 16:25.)

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