May 5, Meituan-W closed up 2.73%, at 135.HK $6, turnover of 19.03 million shares, turnover of 25.HK $7.7 billion, of which net inflow of main funds 2.HK $02 billion。It is worth mentioning that the southbound funds since April 13 has been 14 consecutive trading days of net purchases of the United States group, a total of about 21.HK $6.2 billion。

Q1 quarterly report released at the end of the month, the recent news at a glance。

JPMorgan cuts holdings

According to documents disclosed by the Hong Kong Stock Exchange on May 4, JPMorgan was quoted at an average price of 133 per share on April 28..HK $82, OTC average price per share 133.Total HK $70 sold 1,369 Meituan H shares.610,000 shares, worth about 18.HK $3.3 billion。JPMorgan's latest stake after sale is 2.800 million shares, with a position ratio of 5.22% to 4.98%。

Meituan Catering and Narrow Gate Group Sign Memorandum of Strategic Cooperation

Meituan's Meituan Catering System announced that it has recently signed a memorandum of strategic cooperation with Narrow Gate Group, which will establish a sustainable partnership of "co-creation, sharing and sharing."。

Specifically, Meituan can only locate data products will be through the narrow door dining eye APP, small programs and other official channels, to further reach the restaurant chain brand, and in-depth connection with the narrow door group investment, cooperation of catering resources, SaaS business development.。At the same time, Meituan Catering System will organize and cooperate with Narrow Gate Society to carry out diversified marketing activities to assist catering chain enterprises in their digital transformation.。

Meituan Announces May Day Consumption Data

On May 3, Meituan released a number of data on May 1 consumption this year.。Data show that three days before the holiday, the national life service industry online average daily consumption scale increased by 133% compared to the same period in 2019; the national night consumption scale accounted for 55%, up 134% year-on-year; the peak of ticket orders increased by 78% compared to this year's Spring Festival, long-term travel accommodation orders increased by more than 40% compared to 2019; the national food and beverage consumption scale increased by 92。

Big Bank Releases Meituan Q1 Outlook

CITIC Securities released Meituan Q1 performance outlook, that the first quarter of local life recovery is obvious, takeaway business growth is better than previously expected, the scene return under the share has achieved a natural recovery。In terms of store business, the company has responded positively to the competition. Since March, it has consolidated its market position through merchant rebates, user incentives, on-line special group buying products and live broadcasts, which has initially shown the effect of stimulating the return of consumer minds and promoting merchant penetration.。CITIC Securities to target HK $216, maintain "buy" rating。

In addition, Citi also released a research report saying that it expects Meituan's first quarter performance to be solid, keeping its forecast unchanged, and expects the company's first quarter revenue to grow 23% year-on-year..1% to 569.800 million yuan, net profit under non-GAAP is expected to reach 14..100 million yuan, lower than market expectations。By business, the bank forecasts Meituan's core local business revenue to grow 21% year-on-year to RMB41.3 billion in the first quarter, with revenue from the delivery business expected to grow 19% to RMB287 billion..700 million yuan, while revenue from in-store business increased by 23.6% to 91.800 million yuan, plus new business revenue is expected to reach 156.700 million yuan, up 30% year-on-year。

As for next quarter, Citi forecasts revenue growth to accelerate to 27.9% to RMB65.2 billion, expecting management to provide relatively optimistic next quarter expectations in the first quarter results exchange。Taking into account the competitive pressure in the industry and the level of profit margins in the store, the bank believes that the current share price has largely reflected the competition from Douyin, and expects any revenue growth and profit margin performance that exceeds expectations will support the earnings forecast and share price upward, maintaining the "buy" rating and target price of HK $211.。

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