美团-W利润超预期,Q4外卖单量承压

浙商证券
02 Dec 2024

投资要点24Q3,美团实现营收935.8亿(YoY+22.4%),高于一致预期1.7%,主要因为核心本地商业收入超预期。Non-IFRS下净利润128.3亿(YoY+124.0%),超一致性预期10.1%,Non-IFRS利润率13.7%(YoY+6.2pct,QoQ-2.8pct),利润超预期主因经营杠杆和外卖OPM超预期,新业务减亏超预期。我们测算,公司24/25/26年实现收入3369/...

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