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2026-10-26 11:04:05 Citi issued a research report expecting MEITUAN-W (03690.HK) to announce its third-quarter results in late November, with overall figures likely to be broadly in line with the broker's and market expectations. The broker maintained its earnings forecasts for the company and reiterated its Buy/High Risk rating and HKD120 TP. The broker forecast MEITUAN-W's (03690.HK) total revenue for the third quarter at RMB114.2 billion, up 20% YoY, with adjusted net profit of RMB2.56 billion. Market expectations were RMB113.3 billion and RMB2.2 billion respectively. The broker expected its core local commerce revenue to rise about 15% YoY to RMB77.3 billion, with operating profit of RMB4.15 billion. Operating margin for food delivery is expected to be 1.1%, while unit economics per order are estimated at RMB0.08. Looking ahead to the fourth quarter, the broker expected seasonal factors and colder weather to increase rider costs, but MEITUAN-W's continued cost controls and operational efficiency should support QoQ improvement in unit economics per order. The broker expected operating profit margin for the in-store business to remain broadly stable, while operating losses may widen due to expansion of new businesses into Brazil. AASTOCKS Financial News Website: www.aastocks.com This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. | |