Meituan surrendered nearly 7 billion transcripts in the first half of the year, and the new business performance was not good.

In the first half of this year, the core local business business contributed a profit of 12.966 billion yuan to Meituan, an increase of 35.9%year -on -year, while the new business achieved a loss of operating losses of 15.243 billion yuan in the same period, exceeding the profit amount of the core local business business,

"Investment Times" researcher Zhuoma

Meituan (03690.HK) released the second quarter and semi -annual results of 2022 as of the end of June this year.

According to the financial report, in the second quarter, the company achieved revenue of 50.938 billion yuan, an increase of 16.4%year -on -year; the operating loss was 493 million yuan, a year -on -year loss of 84.8%; 2.058 billion yuan, a year -on -year -on -month losses.

In the first half of this year, the company achieved revenue of 97.207 billion yuan, an increase of 20.3%year -on -year; operating losses of 6.077 billion yuan, a year -on -year loss of 24.2%; the loss of 6.819 billion yuan during the realization period, a year -on -year loss of 16.9%; the adjustment of the adjustment of the adjustment of the loss was to the net loss; 1.528 billion yuan, a year -on -year loss of 75.0%.

In the financial report, the company's business is mainly divided into two parts: core local business and new businesses. Researchers in "Investment Times" noticed that Meituan's losses in the first half of the year still mainly comes from the new business branch.

According to the financial report, the core local business business contributed to Meituan's operating profit for the US Group in the first half of the year, an increase of 35.9%year -on -year, while the new business achieved a loss of operating losses of 15.243 billion yuan at the same time, even exceeding the profit of the core local business business, but but It still reduces losses by 7.8%year -on -year from the same period last year.

As of the closing of September 9, Meituan closed at HK $ 179.9/share. The stock price has fallen by 20%since this year, and the current total market value is 1.11 trillion Hong Kong dollars.

The stock price trend since the listing of Meituan (Hong Kong dollars)

Data source: wind

Turn losses in the second quarter to make a profit

According to the financial report data, Meituan achieved revenue of 50.938 billion yuan in the second quarter, an increase of 16.4%year -on -year; the operating loss was 493 million yuan, a year -on -year loss of 84.8%; It was 2.058 billion yuan, a year -on -year loss of losses.

In the financial report, Meituan divided the company's business mainly into two parts: core local business and new businesses. Among them, the core local business is the company's main source of income.

Specifically, the core local business business of Meituan mainly includes the original catering takeaway, hotel, hotel and tourism branch, as well as Meituan flash purchase, homestay and transportation tickets; the new business mainly includes Meituan preferred, Mei Mi -Mei Tuan, Midea, Midea Groups, catering supply chains (fast donkeys), online car rental, shared bicycles, shared electric vehicles, charging treasures, restaurant management systems and other new businesses.

Meituan stated in the financial report that in the second quarter, despite the adverse affected by Omikon virus transmission, the company's core local commercial branch still achieved total revenue of 36.779 billion yuan, a year -on -year increase Increased by 39.7%, and the operating profit margin also increased to 22.5%.

Further subdivision, the revenue of Meituan's core local business business comes from four parts: distribution services, commissions, online marketing services and other services and sales (including interest income). 7.296 billion yuan and 1.054 billion yuan, respectively, increased by 15.1%, 2.5%, 1.4%, and 124.8%year -on -year, respectively. Delivery services and commissions were the main income of this part of the business.

As for the new business, Meituan said that due to the growth of commodity retail business, the new business branch achieved total revenue of 14.159 billion yuan in the second quarter, an increase of 40.7%year -on -year. However, this part of the business is still losing money. In the second quarter, the operating loss was 6.790 billion yuan, which greatly reduced the profit level of Meituan. It is mainly due to the improvement of the business efficiency of the retail business.

Unlike the core local business business, the revenue of new businesses does not include distribution services, consisting of commission, online marketing services and other services and sales (including interest income). Among them, the main source is other services and sales (including interest income). In the second quarter, revenue achieved 13.823 billion yuan, an increase of 43.6%year -on -year. Commission and online marketing services achieved revenue of 316 million yuan and 21 million yuan, a decrease of 24.5%year -on -year respectively. And 1.3%.

Meituan performed losses in the first half of this year

Data source: Meituan Semi -annual report

The new business is the main cause of losses in the first half of the year

In general, Meituan was still losing money in the first half of this year, but the loss has narrowed.

The financial report shows that the company achieved revenue of 97.207 billion yuan in the first half of the year, an increase of 20.3%year -on -year; operating losses of 6.077 billion yuan, a year -on -year loss of 24.2%; the loss of 6.819 billion yuan during the period, a year -on -year loss of 16.9%; the adjustment of the adjusted loss of 1.528 billion yuan was 1.528 billion yuan. Yuan, a year -on -year loss of 75.0%.

In terms of sub -business, Meituan's two major parts in the first half of the year, the two major departments of the core local business and new businesses achieved total revenue of 70.959 billion yuan and 26.248 billion yuan, respectively, an increase of 13.6%and 43.2%year -on -year, respectively.

In terms of profits, compared with the second quarter, the loss of new businesses in the first half of the year has more adverse effects on the profit of Meituan. According to the financial report, the core local business business contributed a profit of 12.966 billion yuan to Meituan in the first half of the year, an increase of 35.9%year -on -year. , But still decreased by 7.8%year -on -year from the same period last year. In fact, the new business not only affects Meituan's profit performance this year. Meituan reported in 2021 that the company achieved a net profit of -23.538 billion yuan, a year-on-year decrease of 599.93%, from profit to losses. It is mainly due to the expansion of business losses in new businesses and other divisions.

Nevertheless, Meituan is still confident in the development of new businesses. The company stated in the 2022 interim report that the company's investment in new businesses, especially commodity retail business, enables the company to access wider consumers and bring more convenience to people's lives. The company will continue to implement the "retail+technology" strategy, while providing more diversified and cost -effective goods and services.

Regarding the core local business branch, the company stated that although the epidemic has brought short -term difficulties, it is believed that as the epidemic is controlled, local consumption will resume, and the company's core local commercial branch will also resume to normal growth paths. At the same time, the company will effectively help local merchants, especially small and medium -sized merchants to improve operating efficiency by providing better products and solutions to help them recover.

In addition, although the losses have not been turned in the first half of this year, Meituan's operating data is good, and the number of trading users and the number of active merchants increased by 8.9%and 18.5%to 684.7 million and 9.2 million compared with the same period of the previous year. The number of transactions per year has also increased, 38.1, an increase of 16.2%year -on -year.

As of the end of June this year, the cash and cash equivalents held by Meituan and short -term wealth management investment were 25.5 billion yuan and 82 billion yuan, respectively.

Brokers are still optimistic

Once again, Meituan handed over a semi -annual transcript for the first half of the year. Before the release of this performance, Meituan attracted widespread market attention because it was reported that Tencent Holdings (00700.HK) plans to sell all or most of Meituan's $ 24 billion in equity. At that time, people familiar with the matter said that Tencent's holdings were reduced to meet the requirements of the regulatory authorities, and on the other hand, to monetize investment that lasted 8 years.

Although Tencent and Meituan have stated that they "do not comment", and Tencent also reported that there is no plan to sell Meituan shares at present, the stock price of the two companies has also been affected to varying degrees.

In fact, before this report will be sold, Tencent has sold the equity of well -known companies held in succession, including JD.com (09618.HK), BBK (002251.SZ), and New Oriental Online (01797.HK). Heyi Brothers (300027.SZ) and so on.

"Investment Times" researcher noticed that despite Meituan's poor performance and Tencent was also reported to sell intentionally, the securities firm still expressed its optimism with Meituan.

After Meituan released its performance, Everbright Securities stated that Meituan's performance exceeded expectations, mainly because the company's takeaway and flash purchase business have achieved high -quality growth. From 2022 to 2024, GAAP's net profit was predicted to -100.67 billion yuan, -307 billion yuan, and 4.611 billion yuan (the original prediction was -12.247 billion yuan, -5037 billion yuan, and 2.807 billion yuan). Maintain a healthy development trend, the flash purchase business brings new development space, and maintains the "buy" rating.

Western Securities released a research report that Meituan, as a leading company in the local life service industry, has strong organization and action capabilities. In the future, demand will gradually be released. Various business operations will continue to grow. It is expected that the company will realize revenue from 2022 to 2024. 213.8 billion yuan, 284.5 billion yuan 354.6 billion yuan, an increase of 19%, 33%, and 25%year-on-year, respectively, and realized net profit-8.1 billion yuan, 9.9 billion yuan and 25.6 billion yuan, respectively, and maintained the "buy" rating.

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