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Meituan Dianping (HK:3690)
:3690
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Meituan Dianping
(OTC:3690)
70Outperform
Positive Factors
Financial Health
The Meituan Select initiative contributed significantly to loss reduction, indicating improving financial health.
Revenue Growth
Meituan is positioned as a key beneficiary of the underpenetrated local life services market, with expected growth in revenue from in-store, hotel, and travel segments at a CAGR of 23%.
Negative Factors
Investment Costs
Higher loss is expected from the Keeta expansion in Saudi Arabia due to faster-than-expected expansion, resulting in a significant investment increase.
Profit Forecast
The company lowered its FY25/26 adjusted net profit by 9% and 5%, respectively, primarily to account for higher investment in Keeta in Saudi Arabia.
Meituan Dianping (3690) vs. S&P 500 (SPY)
Market Cap
$795.96B
Dividend YieldN/A
Average Volume (3M)43.38M
Price to Earnings (P/E)23.1
Beta (1Y)1.64
Revenue Growth19.90%
EPS GrowthN/A
CountryHK
Employees114,731
SectorConsumer Cyclical
Sector Strength58
IndustrySpecialty Retail
Share Statistics
EPS (TTM)5.63
Shares Outstanding5,530,187,500
10 Day Avg. Volume49,797,033
30 Day Avg. Volume43,383,282
Financial Highlights & Ratios
PEG Ratio0.16
Price to Book (P/B)N/A
Price to Sales (P/S)N/A
Price to Cash Flow (P/CF)N/A
P/FCF Ratio0.00
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
$203.57Price Target Upside52.03% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering13
Meituan Dianping Business Overview & Revenue Model
Company DescriptionMeituan operates an e-commerce platform for various services. It operates through Food Delivery; In-store, Hotel & Travel; and New Initiatives and Others segments. The Food delivery segment provides consumers place orders of food prepared by merchants. The In-store, Hotel & Travel segment offers consumers purchase local consumer services provided by merchants in numerous in-store categories or make reservations for hotels and attractions. The New Initiatives and Others segment sales goods from B2B food distribution services and Meituan grocery; and various businesses, such as Meituan Instashopping, community e-commerce, bike-sharing and electric mopeds, and micro-credit services. The company was formerly known as Meituan Dianping and changed its name to Meituan in October 2020. Meituan was founded in 2003 and is headquartered in Beijing, China.
How the Company Makes MoneyMeituan Dianping generates revenue through a diverse set of revenue streams, primarily focusing on transaction-based commissions, online marketing services, and other value-added services. The company earns commissions by facilitating transactions between consumers and merchants, particularly in the food delivery and in-store dining sectors. Additionally, Meituan provides online marketing services to merchants looking to promote their offerings on its platform, which contributes significantly to its earnings. The company also generates income from its hotel and travel booking services by charging commissions on reservations. Strategic partnerships with various local businesses and continuous technological advancements further bolster Meituan's revenue potential.
Meituan Dianping Financial Statement Overview
Summary
Income Statement
Balance Sheet
Cash Flow
| Breakdown | |||||
| TTM | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 | Dec 2019 |
|---|---|---|---|---|---|
| Income Statement | Total Revenue | ||||
| 322.80B | 276.74B | 219.95B | 179.13B | 114.79B | 97.53B | Gross Profit |
| 121.33B | 97.19B | 61.75B | 42.47B | 34.05B | 32.32B | EBIT |
| 32.43B | 13.42B | -5.13B | -21.99B | -521.75M | 2.68B | EBITDA |
| 33.17B | 23.44B | 4.56B | -13.56B | 4.67B | 7.78B | Net Income Common Stockholders |
| 31.80B | 13.86B | -6.69B | -23.54B | 4.71B | 2.24B |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | ||||
| 22.09B | 145.16B | 112.03B | 116.80B | 61.09B | 62.83B | Total Assets |
| 0.00 | 293.03B | 244.48B | 240.65B | 166.57B | 132.01B | Total Debt |
| 0.00 | 60.62B | 58.09B | 58.92B | 24.06B | 5.55B | Net Debt |
| 22.09B | 27.28B | 37.93B | 26.41B | 6.96B | -7.85B | Total Liabilities |
| 0.00 | 141.07B | 115.78B | 115.10B | 68.94B | 39.96B | Stockholders Equity |
| -25.58B | 152.01B | 128.76B | 125.61B | 97.69B | 92.11B |
| Cash Flow | Free Cash Flow | ||||
| 46.85B | 33.64B | 5.68B | -13.02B | -7.35B | 2.57B | Operating Cash Flow |
| 50.68B | 40.52B | 11.41B | -4.01B | 8.48B | 5.57B | Investing Cash Flow |
| 17.71B | -24.66B | -14.71B | -58.49B | -21.23B | -10.17B | Financing Cash Flow |
| -50.61B | -2.78B | -9.99B | 78.60B | 17.42B | 1.11B |
Meituan Dianping Technical Analysis
Negative
133.90
Price Trends
160.87
Negative
158.70
Negative
149.91
Negative
Market Momentum
-7.68
Positive
32.46
Neutral
18.48
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:3690, the sentiment is Negative. The current price of 133.9 is below the 20-day moving average (MA) of 150.43, below the 50-day MA of 160.87, and below the 200-day MA of 149.91, indicating a bearish trend. The MACD of -7.68 indicates Positive momentum. The RSI at 32.46 is Neutral, neither overbought nor oversold. The STOCH value of 18.48 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:3690.
Meituan Dianping Peers Comparison
Overall Rating
UnderperformOutperform
Sector (60)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
81 Outperform | HK$2.10T | 15.88 | 11.98% | 0.89% | 3.92% | 27.80% | |
78 Outperform | HK$215.86B | 12.96 | 27.71% | ― | 9.84% | 142.28% | |
70 Outperform | $795.96B | 23.10 | 22.07% | ― | 19.90% | ― | |
60 Neutral | $6.55B | 11.40 | 3.24% | 4.25% | 2.38% | -21.28% |
* Consumer Cyclical Sector Average
Performance Comparison
HK:3690
Meituan Dianping
133.90
22.40
20.09%
TCTZF
Tencent Holdings Limited
62.41
18.82
43.18%
WXIBF
Wuxi Biologics (Cayman)
2.74
1.12
69.14%
XIACF
Xiaomi
6.11
3.99
188.21%
HK:9988
Alibaba Group Holding Ltd.
116.00
44.55
62.35%
HK:1024
Kuaishou Technology Class B
51.80
-1.00
-1.89%
Meituan Dianping Earnings Call Summary
Earnings Call Date: Mar 21, 2025 | % Change Since: -20.35% | Next Earnings Date: May 28, 2025
Earnings Call Sentiment Neutral
The earnings call presented a balanced outlook with significant achievements in revenue growth, expansion, and technological advancements. However, challenges remain in specific segments such as order volume growth and cost management for new initiatives.Highlights
Record Revenue Growth
Total revenue for the full year of 2024 increased by 22% year-over-year to RMB337.6 billion.
Significant Increase in Active Merchants and Users
Annual transacting users exceeded 7.70 million, and annual active merchants increased notably to 14.5 million.
Expansion into Overseas Markets
Keeta was launched in Saudi Arabia, with operations expanding rapidly to major cities.
Advancements in Autonomous Delivery
By the end of 2024, commercial orders fulfilled by autonomous vehicles and drones reached 4.9 million and 1.45 million, respectively.
Strong Financial Performance
Total segment operating profit grew to RMB10.7 billion, up from RMB3.2 billion last year, with an adjusted net profit of RMB9.8 billion.
Innovations in On-Demand Delivery
Introduction of Pin Hao Fan and branded satellite stores, enhancing food delivery options and efficiency.
Lowlights
Softer Order Volume Growth
Order volume growth for food delivery and certain non-food categories was softer compared to Q3 2024 due to warmer weather and earlier returns to lower-tier cities.
Increased Costs for New Initiatives
Operating loss for new initiatives expanded quarter-over-quarter due to investments in overseas business and unfavorable seasonality for bike sharing and power bank services.
Challenges in Meituan Select
Significant strategic adjustments were made to improve efficiency, but supply chain transformation will take time to reflect in the P&L.
Company Guidance
During the Meituan Fourth Quarter and Full Year 2024 Earnings Conference Call, the company provided comprehensive guidance and performance metrics for the past fiscal year. Total revenue for 2024 increased by 22% year-over-year to RMB337.6 billion, with notable increases in annual transacting users, which exceeded 7.70 million, and annual active merchants, which rose to 14.5 million. The average purchase frequency of annual transaction users reached a new high. In the fourth quarter alone, total revenue grew by 20.1% year-over-year to RMB88.5 billion. The company highlighted advancements in their food delivery business, with daily order volume surpassing 98 million on peak days. Additionally, Meituan emphasized the expansion of its Meituan Instashopping service and its foray into overseas markets, particularly with the launch of Keeta in Saudi Arabia. The company's focus on technology was evident in the reported 4.9 million commercial orders fulfilled by autonomous vehicles and 1.45 million by drones. Financially, the core local commerce segment achieved a revenue growth of 18.9% year-over-year, reaching RMB65.6 billion, while the new initiative segment saw a 23.5% increase to RMB22.9 billion. As for profitability, the adjusted net profit for the fourth quarter rose to RMB9.8 billion, supported by improved operating leverage and efficiency. Meituan also announced strategic investments in AI and autonomous delivery technologies, alongside initiatives to enhance merchant support and courier welfare.Meituan Dianping Corporate Events
Meituan Dianping Reports Strong Financial Growth in 2024
Mar 21, 2025
Meituan Dianping reported a significant financial performance improvement for the year ended December 31, 2024, with a 22% increase in revenues and a substantial rise in operating profit by 174.6% compared to the previous year. The company’s adjusted EBITDA and net profit also saw impressive growth, indicating strong operational efficiency and market positioning, which could positively impact stakeholders and reinforce its competitive edge in the service industry.
Meituan to Review Annual Financial Results on March 21, 2025
Mar 11, 2025
Meituan has announced that its board of directors will hold a meeting on March 21, 2025, to consider and approve the company’s annual results for the year ending December 31, 2024. This meeting is significant as it will provide insights into the company’s financial performance and strategic direction, impacting stakeholders and potentially influencing its market position.
Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.