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#外资研报

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附件总结 【个股-3690】【英】GS-美团2Q26业绩速评：外卖单位经济复苏-20260828.pdf

  1. Meituan delivered a solid 2Q26 print with revenue growth of 14% yoy (4% above Ronald Keung, CFA
  2. Rmb5.7bn (+52% yoy), broadly in-line with GSe of Rmb5.8bn while 66% above V.A. +852-2978-2672 | steve.qiu@gs.com
  3. Rmb-2.4bn), supported by continued operating efficiency gains across domestic Goldman Sachs (Asia) L.L.C.
  4. Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors
  5. should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.
  6. Investors should consider this report as only a single factor in making their investment decision. For Reg AC
  7. www.gs.com/research/hedge.html. Analysts employed by non-US affiliates are not registered/qualified as research
  8. Source: Company data, Goldman Sachs Research estimates, FactSet. Price as of 27 Aug 2026 close.

【个股-3690】【英】JPM-美团2Q26业绩快报：拐点提前到来-结论仍待3Q26指引-20260828.pdf

  1. economics and the terminal multiple unchanged pending the 3Q26 outlook SAC Registration Number: S1730524090001
  2. Source: Meituan 2Q26 earnings release, J.P. Morgan estimates, Bloomberg Finance L.P (as of Aug 28, 2026).
  3. Our base case rests on a single premise: that the principal competitor keeps rationalizing its food-delivery subsidy toward
  4. its stated instant-retail profitability target rather than sustaining ecosystem-funded competition. That premise remains
  5. unresolved, and the quarter did not settle it. In our view the cooling of the subsidy war is already largely reflected in
  6. consensus and the price. We see the post-print risk/reward as modestly skewed up rather than directional, and our call is
  7. medium-term, anchored on a unit-economics inflection proving durable across 2Q–3Q26, not on this print. Maintain
  8. Our Dec-26 PT of HK$85 is based on 15x 2027E P/E, the same as Tencent’s 2027E P/E multiple and at the average of

【个股-3690】【英】JPM-美团基本面改善-评级升至增持-20260903.pdf

  1. China food delivery business after three quarters of losses, and loss reduction for Asia Pacific Credit Research
  2. remain positive in 2H26 and 2027. The Meituan curve is trading at the widest end alvin.au@jpmorgan.com
  3. as we see room for compression, driven by the company’s improving fundamentals (852) 2800-7387
  4. and attractive valuations. Meituan should be less exposed to repricing risk from soochong.lim@jpmorgan.com
  5. potential APAC data center bond supply, as it is largely a consumer story with J.P. Morgan Securities (Asia Pacific) Limited
  6. {[{w6reIP5rZgeEiVLDi8g45xkcD6hgbYJmB1gvwVjFBaRO9dhHfZMsbVouHQ6CFUGaEWLtDpSb30Nu0JN01HmxTN4}]}
  7. {[{w6reIP5rZgeEiVLDi8g45xkcD6hgbYJmB1gvwVjFBaRO9dhHfZMsbVouHQ6CFUGaEWLtDpSb30Nu0JN01HmxTN4}]}
  8. {[{w6reIP5rZgeEiVLDi8g45xkcD6hgbYJmB1gvwVjFBaRO9dhHfZMsbVouHQ6CFUGaEWLtDpSb30Nu0JN01HmxTN4}]}

【个股-3690】【英】UBS-美团：2Q26超预期；竞争趋理性-定价权恢复-20260831.pdf

  1. steadily improving market share in order volume and GTV relative to BABA QTD, with Shares o/s 6,077m (ORD)
  2. Meituan turned around at Rmb0.2/order for 2Q, better than expected on faster Avg. daily volume ('000) 53,075
  3. AOV recovery (which we attribute to Meituan's stronger user stickiness and less Avg. daily value (m) HK$4,301.1
  4. sensitivity to prices). Into 3Q, we expect volume growth to turn -3% YoY amid an Common s/h equity (12/26E) Rmb151b
  5. a seasonally lower AOV (on higher mix of low-ASP beverages) and higher rider costs, Net debt to EBITDA (12/26E) NM
  6. c30% (beat cons' 25%). The solid beat was mainly attributed to Meituan's proactive 12/28E 5.97 6.31 6 6.50
  7. Source: Company accounts, LSEG Eikon, UBS estimates. Metrics marked as (UBS) have had analyst adjustments applied. Valuations: based on an average share price that year, (E): based on a share
  8. the 12-month timeframe reflected in any equity rating set out in this note. For previous responses please make reference to (i) previous UBS

【个股-3690】【英】CITI-美团2Q26业绩超预期-核心本地商业利润率7-9%-20260828.pdf

  1. Operating metrics and OpM mix — OP profit of core local commerce improved significantly sequentially to Rmb+5.67bn from
  2. Rmb-2.0bn in 1Q26 and compared to profit of Rmb+3.7bn in 2Q25, and OpM improving to +7.9% vs -3.2% in 1Q26 and +5.7%
  3. in 2Q25. Op loss for new initiatives reached Rmb-1.74bn vs. Rmb-2.12bn in 1Q26 and -Rmb1.88bn in 2Q25, with loss margin at
  4. Call focus — 1) latest consumption trend and impact from adverse weather condition on rider cost and user demand;
  5. Call details: At 7:00pm HKT on Aug 28 (7:00am EST). Pre-registrations are required in advance of the conference call (link).
    1. Food delivery and Meituan Instashopping business: Applying 1.4x P/S to Meituan’s food delivery and Meituan Instashopping
    1. In-store hotel and travel: Applying an 8x multiple to our adjusted net profit of Rmb16.8bn yields a value of HK$150bn, or
    1. Cash balance: We include cash, cash equivalent and short-term investments, but exclude restricted cash. We use 1Q26

【个股-3690】【英】GS-美团：高盛亚洲领袖会议纪要——外卖份额提升、投资审慎、维持买入-20260902.pdf

  1. We hosted Meituan’s Capital Markets team at our Asia Leaders Conference 2026 in Damian Xie
  2. growth, as 1P players such as Xiaoxiang (Meituan) and Freshippo (Alibaba) accelerate
  3. Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors
  4. should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.
  5. Investors should consider this report as only a single factor in making their investment decision. For Reg AC
  6. www.gs.com/research/hedge.html. Analysts employed by non-US affiliates are not registered/qualified as research
  7. Market cap: HK$478.1bn / $61.0bn Revenue (Rmb mn) 365,982.0 416,760.7 464,122.2 506,924.0
  8. Source: Company data, Goldman Sachs Research estimates, FactSet. Price as of 1 Sep 2026 close.

【个股-3690】【英】GS-美团2Q26回顾：GTV领先与利润复苏-维持买入-20260831.pdf

  1. into a couple of themes: (+/-) a likely sequential decline in 3Q profit +852-2978-2672 | steve.qiu@gs.com
  2. believe Meituan’s uneven UE quarterly recovery pace is more of a Revenue (Rmb mn) Old 365,982.0 395,486.3 439,150.0 483,401.7
  3. Ratios & Valuation __________________________________________ R&D (24,109.6) (29,728.5) (32,817.2) (36,998.1)
  4. Interest cover (X) (12.4) (1.3) 10.2 20.9 Net inc. (pre-exceptionals) (18,297.2) 1,577.3 23,243.6 42,688.2
  5. Days inventory outst, sales 2.4 2.8 2.7 2.8 Post-tax exceptionals (4,706.2) (5,108.1) (6,330.3) (6,467.0)
  6. Rel. to the Hang Seng Index 3.3% (0.6)% (25.5)% Net debt, adjusted (184,997.4) (190,562.8) (215,473.8) (256,864.6)
  7. Source: FactSet. Price as of 28 Aug 2026 close. Cash Flow (Rmb mn) ________________________________________
  8. Exhibit 5: In all regions, Keeta has rapidly taken market share within the first few months post its launch, supported by

文档

【个股-3690】【英】GS-美团2Q26业绩速评：外卖单位经济复苏-20260828.pdf

总结

  1. Meituan delivered a solid 2Q26 print with revenue growth of 14% yoy (4% above Ronald Keung, CFA
  2. Rmb5.7bn (+52% yoy), broadly in-line with GSe of Rmb5.8bn while 66% above V.A. +852-2978-2672 | steve.qiu@gs.com
  3. Rmb-2.4bn), supported by continued operating efficiency gains across domestic Goldman Sachs (Asia) L.L.C.
  4. Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors
  5. should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.
  6. Investors should consider this report as only a single factor in making their investment decision. For Reg AC
  7. www.gs.com/research/hedge.html. Analysts employed by non-US affiliates are not registered/qualified as research
  8. Source: Company data, Goldman Sachs Research estimates, FactSet. Price as of 27 Aug 2026 close.

预览

【个股-3690】【英】GS-美团2Q26业绩速评：外卖单位经济复苏-20260828.pdf

【个股-3690】【英】JPM-美团2Q26业绩快报：拐点提前到来-结论仍待3Q26指引-20260828.pdf

总结

  1. economics and the terminal multiple unchanged pending the 3Q26 outlook SAC Registration Number: S1730524090001
  2. Source: Meituan 2Q26 earnings release, J.P. Morgan estimates, Bloomberg Finance L.P (as of Aug 28, 2026).
  3. Our base case rests on a single premise: that the principal competitor keeps rationalizing its food-delivery subsidy toward
  4. its stated instant-retail profitability target rather than sustaining ecosystem-funded competition. That premise remains
  5. unresolved, and the quarter did not settle it. In our view the cooling of the subsidy war is already largely reflected in
  6. consensus and the price. We see the post-print risk/reward as modestly skewed up rather than directional, and our call is
  7. medium-term, anchored on a unit-economics inflection proving durable across 2Q–3Q26, not on this print. Maintain
  8. Our Dec-26 PT of HK$85 is based on 15x 2027E P/E, the same as Tencent’s 2027E P/E multiple and at the average of

预览

【个股-3690】【英】JPM-美团2Q26业绩快报：拐点提前到来-结论仍待3Q26指引-20260828.pdf

【个股-3690】【英】JPM-美团基本面改善-评级升至增持-20260903.pdf

总结

  1. China food delivery business after three quarters of losses, and loss reduction for Asia Pacific Credit Research
  2. remain positive in 2H26 and 2027. The Meituan curve is trading at the widest end alvin.au@jpmorgan.com
  3. as we see room for compression, driven by the company’s improving fundamentals (852) 2800-7387
  4. and attractive valuations. Meituan should be less exposed to repricing risk from soochong.lim@jpmorgan.com
  5. potential APAC data center bond supply, as it is largely a consumer story with J.P. Morgan Securities (Asia Pacific) Limited
  6. {[{w6reIP5rZgeEiVLDi8g45xkcD6hgbYJmB1gvwVjFBaRO9dhHfZMsbVouHQ6CFUGaEWLtDpSb30Nu0JN01HmxTN4}]}
  7. {[{w6reIP5rZgeEiVLDi8g45xkcD6hgbYJmB1gvwVjFBaRO9dhHfZMsbVouHQ6CFUGaEWLtDpSb30Nu0JN01HmxTN4}]}
  8. {[{w6reIP5rZgeEiVLDi8g45xkcD6hgbYJmB1gvwVjFBaRO9dhHfZMsbVouHQ6CFUGaEWLtDpSb30Nu0JN01HmxTN4}]}

预览

【个股-3690】【英】JPM-美团基本面改善-评级升至增持-20260903.pdf

【个股-3690】【英】MS-美团2Q26：营收与营业利润超预期-20260828.pdf

预览

【个股-3690】【英】MS-美团2Q26：营收与营业利润超预期-20260828.pdf

【个股-3690】【英】UBS-美团：2Q26超预期；竞争趋理性-定价权恢复-20260831.pdf

总结

  1. steadily improving market share in order volume and GTV relative to BABA QTD, with Shares o/s 6,077m (ORD)
  2. Meituan turned around at Rmb0.2/order for 2Q, better than expected on faster Avg. daily volume ('000) 53,075
  3. AOV recovery (which we attribute to Meituan's stronger user stickiness and less Avg. daily value (m) HK$4,301.1
  4. sensitivity to prices). Into 3Q, we expect volume growth to turn -3% YoY amid an Common s/h equity (12/26E) Rmb151b
  5. a seasonally lower AOV (on higher mix of low-ASP beverages) and higher rider costs, Net debt to EBITDA (12/26E) NM
  6. c30% (beat cons' 25%). The solid beat was mainly attributed to Meituan's proactive 12/28E 5.97 6.31 6 6.50
  7. Source: Company accounts, LSEG Eikon, UBS estimates. Metrics marked as (UBS) have had analyst adjustments applied. Valuations: based on an average share price that year, (E): based on a share
  8. the 12-month timeframe reflected in any equity rating set out in this note. For previous responses please make reference to (i) previous UBS

预览

【个股-3690】【英】UBS-美团：2Q26超预期；竞争趋理性-定价权恢复-20260831.pdf

【个股-3690】【英】UBS-美团2Q26速评：核心本地商业收入及利润率超预期-20260828.pdf

预览

【个股-3690】【英】UBS-美团2Q26速评：核心本地商业收入及利润率超预期-20260828.pdf

【个股-3690】【英】CITI-美团2Q26业绩超预期-核心本地商业利润率7-9%-20260828.pdf

总结

  1. Operating metrics and OpM mix — OP profit of core local commerce improved significantly sequentially to Rmb+5.67bn from
  2. Rmb-2.0bn in 1Q26 and compared to profit of Rmb+3.7bn in 2Q25, and OpM improving to +7.9% vs -3.2% in 1Q26 and +5.7%
  3. in 2Q25. Op loss for new initiatives reached Rmb-1.74bn vs. Rmb-2.12bn in 1Q26 and -Rmb1.88bn in 2Q25, with loss margin at
  4. Call focus — 1) latest consumption trend and impact from adverse weather condition on rider cost and user demand;
  5. Call details: At 7:00pm HKT on Aug 28 (7:00am EST). Pre-registrations are required in advance of the conference call (link).
    1. Food delivery and Meituan Instashopping business: Applying 1.4x P/S to Meituan’s food delivery and Meituan Instashopping
    1. In-store hotel and travel: Applying an 8x multiple to our adjusted net profit of Rmb16.8bn yields a value of HK$150bn, or
    1. Cash balance: We include cash, cash equivalent and short-term investments, but exclude restricted cash. We use 1Q26

预览

【个股-3690】【英】CITI-美团2Q26业绩超预期-核心本地商业利润率7-9%-20260828.pdf

【个股-3690】【英】GS-美团：高盛亚洲领袖会议纪要——外卖份额提升、投资审慎、维持买入-20260902.pdf

总结

  1. We hosted Meituan’s Capital Markets team at our Asia Leaders Conference 2026 in Damian Xie
  2. growth, as 1P players such as Xiaoxiang (Meituan) and Freshippo (Alibaba) accelerate
  3. Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors
  4. should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.
  5. Investors should consider this report as only a single factor in making their investment decision. For Reg AC
  6. www.gs.com/research/hedge.html. Analysts employed by non-US affiliates are not registered/qualified as research
  7. Market cap: HK$478.1bn / $61.0bn Revenue (Rmb mn) 365,982.0 416,760.7 464,122.2 506,924.0
  8. Source: Company data, Goldman Sachs Research estimates, FactSet. Price as of 1 Sep 2026 close.

预览

【个股-3690】【英】GS-美团：高盛亚洲领袖会议纪要——外卖份额提升、投资审慎、维持买入-20260902.pdf

【个股-3690】【英】GS-美团2Q26回顾：GTV领先与利润复苏-维持买入-20260831.pdf

总结

  1. into a couple of themes: (+/-) a likely sequential decline in 3Q profit +852-2978-2672 | steve.qiu@gs.com
  2. believe Meituan’s uneven UE quarterly recovery pace is more of a Revenue (Rmb mn) Old 365,982.0 395,486.3 439,150.0 483,401.7
  3. Ratios & Valuation __________________________________________ R&D (24,109.6) (29,728.5) (32,817.2) (36,998.1)
  4. Interest cover (X) (12.4) (1.3) 10.2 20.9 Net inc. (pre-exceptionals) (18,297.2) 1,577.3 23,243.6 42,688.2
  5. Days inventory outst, sales 2.4 2.8 2.7 2.8 Post-tax exceptionals (4,706.2) (5,108.1) (6,330.3) (6,467.0)
  6. Rel. to the Hang Seng Index 3.3% (0.6)% (25.5)% Net debt, adjusted (184,997.4) (190,562.8) (215,473.8) (256,864.6)
  7. Source: FactSet. Price as of 28 Aug 2026 close. Cash Flow (Rmb mn) ________________________________________
  8. Exhibit 5: In all regions, Keeta has rapidly taken market share within the first few months post its launch, supported by

预览

【个股-3690】【英】GS-美团2Q26回顾：GTV领先与利润复苏-维持买入-20260831.pdf

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