---
title: "Credit Suisse: MEITUAN's core local business fundamentals have improved, rating \"Buy\""
type: "News"
locale: "zh-CN"
url: "https://longbridge.com/zh-CN/news/280954765.md"
description: "Futu released a research report stating that Meituan's total revenue in the fourth quarter of last year increased by 4.1% year-on-year to RMB 92.1 billion, in line with expectations. Core local business revenue decreased by 1% year-on-year to RMB 64.8 billion, slightly below market expectations. New business revenue increased by 18.9% year-on-year to RMB 27.3 billion, exceeding expectations. Futu believes that the fundamentals of Meituan's core local business have improved, maintaining a \"Buy\" rating with a target price of HKD 130"
datetime: "2026-03-30T04:20:53.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/280954765.md)
  - [en](https://longbridge.com/en/news/280954765.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/280954765.md)
---

> 支持的语言: [English](https://longbridge.com/en/news/280954765.md) | [繁體中文](https://longbridge.com/zh-HK/news/280954765.md)


# Credit Suisse: MEITUAN's core local business fundamentals have improved, rating "Buy"

Credit Suisse published a research report indicating that MEITUAN-W (03690.HK) had a total revenue growth of 4.1% year-on-year in the fourth quarter of last year, reaching RMB 92.1 billion, which is in line with the bank's and market expectations. Core local business revenue fell by 1% year-on-year to RMB 64.8 billion, slightly below market expectations of being flat year-on-year, with the bank expecting a decline of 1.3%. The core local business operating loss reached RMB 10 billion. New business revenue grew by 18.9% year-on-year to RMB 27.3 billion, exceeding expectations, with an operating loss of RMB 4.6 billion. The adjusted net loss reached RMB 15 billion, falling short of market expectations but in line with the bank's expectations.

Credit Suisse stated that the fundamentals of MEITUAN's core local business are improving, and new businesses are on track, maintaining a "Buy" rating for MEITUAN with a target price of HKD 130

### 相关股票

- [MEITUAN (03690.HK)](https://longbridge.com/zh-CN/quote/03690.HK.md)

## 相关资讯与研究

- [China to tighten controls on price wars, boost support for overseas expansion](https://longbridge.com/zh-CN/news/280611209.md)
- [Meituan (MPNGF) Gets a Buy from GF Securities](https://longbridge.com/zh-CN/news/275217534.md)
- [Longfor Group Holdings (LNGPF) Gets a Buy from CICC](https://longbridge.com/zh-CN/news/280899756.md)
- [CSC Financial Sticks to Their Buy Rating for Longfor Group Holdings (LNGPF)](https://longbridge.com/zh-CN/news/280898279.md)
- [04:37 ETMidea Launches V9 VRF: Redefining Efficiency, Reliability and Easy Installation in Commercial HVAC](https://longbridge.com/zh-CN/news/280981925.md)