1、 Watchlist the stock on Insights Direct to receive prompt updates ed-JS/sa-CS/KKY BUYBUY Last Traded Last Traded PricePrice (26 May 202526 May 2025):HKD129.40 (HSIHSI :23,282)Price Target Price Target 1212-mthmth:HKD171(32%upside)(Prev HKD206)Analyst Sachin MITTAL+65 66823699 Andy Yu+852 3668 4194 R

2、aphael Tse+852 6629 1628 Edmond Fok+852 36681253 View our full data-driven analysis and more at DBS Insights Direct Whats New 1Q25 adj.earnings surged 46%,11%above consensus 1Q25 adj.earnings surged 46%,11%above consensus Intensifying competitionIntensifying competition to to put put nearnear-term t

3、erm pressure on pressure on revenue revenue and earnings and earnings inin food delivery segment food delivery segment Cut FY25/26/27Cut FY25/26/27F F earnings by earnings by 1919/2323/2525%to factor in to factor in intensifying intensifying competition in food delivery and competition in food deliv

4、ery and higherhigher overseas investmentsoverseas investments Maintain BUY Maintain BUY as as Meituans longMeituans long-termterm leading position in the food leading position in the food delivery segment delivery segment remainsremains intactintact,TP lowered to HKD171,TP lowered to HKD171 Price Re

5、lative Forecasts and Valuation FY Dec(RMBm)2024A 2025F 2026F 2027F Turnover 337,592 385,464 448,106 511,044 EBITDA 46,452 44,794 56,652 69,912 Pre-tax Profit 37,985 37,094 49,152 62,912 Net Profit 35,807 34,867 46,202 59,136 Adj.Net Profit 43.772 42.274 53.609 66.543 Adj.Net Profit Gth(%)88.2(3.4)26

6、.8 24.1 EPS(RMB)5.85 5.69 7.54 9.65 EPS(HKD)6.32 6.15 8.15 10.43 EPS Gth(%)162.1(2.6)32.5 28.0 Adj EPS(HKD)7.15 6.90 8.75 10.86 DPS(HKD)0.00 0.00 0.00 0.00 BV Per Share(HKD)34.12 42.59 53.30 66.57 PE(X)20.5 21.0 15.9 12.4 Adj PE(X)21.3 22.1 17.4 14.0 P/Cash Flow(X)12.8 7.5 4.7 2.7 P/Free CF(X)15.9 8