【招银国际】More visible path to achieve profitability; U/G to BUY.pdf

–1H23 profit warning worse than feared; Maintain Hold

–1H23 profit warning; Maintain BUY on 2H gradual recovery

Profit alert roughly in-line

美团(3690 HK): 核心本地商业利润增长超预期，优选亏损继续环比收窄—维持优于大市; 上调目标价28％(Meituan: Core Local Business Profit Growth Exceeds Expectations, Preferre

Growing non-GAAP profit

Positive profit alert in 1H24E; Strong order momentum to continue into 2H24/FY25E

1H23 core profit +10% YoY; positive on the structural growth and mgmt. execution

1Q24 core earnings beat estimates; Shifted to profitable growth strategy

1Q23 beat with sustainable profitability ahead

Solid 1Q24 with enhanced profitability