金吾财讯 | 招商证券发研报指，美团(03690)发布24Q4财报，24Q4公司营收884.9亿/+20.1%，经营OP为66.9亿/+280.7%；经调整净利98.5亿/+125.1%。其中，核心本地商业分部收入655.7亿/+18.9%，经营OP为129.0亿/+60.9%；新业务收入229.2亿/+23.5%，OP为-21.8亿。该行指，公司Q4核心业务盈利超预期，预计后续到店继续保持较快增长，闪购高增长的同时变现能力明显提升；长期看公司核心业务成长性与壁垒仍具，海外探索继续打开想象空间。预计25年核心商业OP 611亿，按15%税率估算核心商业净利润为519亿，给予20倍PE对应目标价178.8港元，维持“强烈推荐”评级。
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