Overview of 2023 Result
China 2023 GDP: up 5.2%
China online retail sale 2023: RMB 15.4T, up 11% compared to 2022
Meituan: revenue RMB 277B, up 25.8%
Therefore, the result is much better than China or online retail industry
2023 instant delivery order: 21.9 billion, up 23.9% compared to 2022.
From major cities observation, driver ratio stable at Meituan:Ele.me:Others 7:2:1
Expenditure for core local business: up 30% due to increase in biz size (revenue up 27%) and spend a bit more in response to Douyin entry
Therefore, Douyin entry in 2023 seemed doesn’t affect its leading position.
Net Profit 2023: RMB 13.86B compared to net loss RMB 6.69B in 2022
Core local business segment:
* Takeout business (餐飲外賣): undisputed No 1
* Flash Shopping (美團閃購): No 1 position (order up > 40%, number of merchant up 30%)
* In-store/hotel/tourism (到店、酒店及旅遊): undisputed No 1 (GTV up > 100%, trading users up > 30%, active merchants up > 60%)
* Dazhong Dianping: undisputed No 1
New business segment:
* Net loss RMB20.2B in 2023 compared to RMB 28.4B in 2022
* Meituan Select (美團優選): By adjusting strategy and change business model, 2024 goal is to reduce loss in this segment.
* Upgrade groceries (美團買菜) to online supermarket (小象超市)
Share Buy Back Update:
* USD 1B is allocated and approved
* USD 400M worth of shares purchased and cancelled
China online retail sale 2023: RMB 15.4T, up 11% compared to 2022
Meituan: revenue RMB 277B, up 25.8%
Therefore, the result is much better than China or online retail industry
2023 instant delivery order: 21.9 billion, up 23.9% compared to 2022.
From major cities observation, driver ratio stable at Meituan:Ele.me:Others 7:2:1
Expenditure for core local business: up 30% due to increase in biz size (revenue up 27%) and spend a bit more in response to Douyin entry
Therefore, Douyin entry in 2023 seemed doesn’t affect its leading position.
Net Profit 2023: RMB 13.86B compared to net loss RMB 6.69B in 2022
Core local business segment:
* Takeout business (餐飲外賣): undisputed No 1
* Flash Shopping (美團閃購): No 1 position (order up > 40%, number of merchant up 30%)
* In-store/hotel/tourism (到店、酒店及旅遊): undisputed No 1 (GTV up > 100%, trading users up > 30%, active merchants up > 60%)
* Dazhong Dianping: undisputed No 1
New business segment:
* Net loss RMB20.2B in 2023 compared to RMB 28.4B in 2022
* Meituan Select (美團優選): By adjusting strategy and change business model, 2024 goal is to reduce loss in this segment.
* Upgrade groceries (美團買菜) to online supermarket (小象超市)
Share Buy Back Update:
* USD 1B is allocated and approved
* USD 400M worth of shares purchased and cancelled
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Franklin TokOP : If without new business segment, its EPS will be 6.03 or PE 15.5 (PDD PE is 20.7 with closing price 119.87). If in par with PDD, its share price will be at 124.6.