---
title: "CICC: Maintains Outperform rating on Meituan-W, expects Keeta to implement refined operations in Brazil"
type: "News"
locale: "zh-HK"
url: "https://longbridge.com/zh-HK/news/276841555.md"
description: "CICC released a research report stating that last year, DiDi's 99Food and Meituan-W's Keeta entered the Brazilian food delivery market one after the other, breaking the dominance of the local company iFood, which has attracted market attention. It is expected that the two brands will adopt differentiated competition strategies, and the price war they initiate will drive the penetration rate of food delivery in Brazil. Currently, it is estimated that the scale of the Brazilian food delivery market is expected to increase from USD 18.7 billion in 2024 to USD 33.3 billion in 2028, with the penetration rate rising from 18.7% to 28.5%. CICC maintains a \"outperform the industry\" rating for DiDi and Meituan, with target prices of USD 6 and HKD 125, respectively. CICC pointed out that 99Food relies on the synergy of transportation capacity, low commissions and subsidies, and rapid merchant binding to achieve penetration, while Keeta leverages refined operational capabilities to replicate its operational experience in mainland China, Hong Kong, and the Middle East. CICC believes that the platform's sustainable profitability still needs to be observed, but it is confident that Chinese internet companies, through refined operational experience, are likely to capture a considerable market share locally"
datetime: "2026-02-25T06:20:03.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/276841555.md)
  - [en](https://longbridge.com/en/news/276841555.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/276841555.md)
---

> 支持的語言: [简体中文](https://longbridge.com/zh-CN/news/276841555.md) | [English](https://longbridge.com/en/news/276841555.md)


# CICC: Maintains Outperform rating on Meituan-W, expects Keeta to implement refined operations in Brazil

According to the Zhitong Finance APP, China International Capital Corporation (CICC) released a research report stating that last year, DiDi (DIDIY.US) subsidiary 99Food and Meituan-W (03690) Keeta entered the Brazilian food delivery market one after another, breaking the dominance of local company iFood, attracting market attention. It is expected that the two brands will adopt differentiated competition strategies, and the price war they initiate will drive the penetration rate of food delivery in Brazil. Currently, it is estimated that the scale of the Brazilian food delivery market is expected to increase from USD 18.7 billion in 2024 to USD 33.3 billion in 2028, with the penetration rate rising from 18.7% to 28.5%. CICC maintains a "outperform industry" rating for DiDi and Meituan, with target prices of USD 6 and HKD 125, respectively.

CICC pointed out that 99Food relies on the synergy of transportation capacity, low commissions and subsidies, and rapid merchant binding to achieve penetration, while Keeta leverages refined operational capabilities to replicate its operational experience in mainland China, Hong Kong, and the Middle East markets. CICC believes that the platform's sustainable profitability still needs to be observed, but it is believed that Chinese internet companies, through refined operational experience, are likely to capture a considerable market share locally

### 相關股票

- [DiDi (DIDIY.US)](https://longbridge.com/zh-HK/quote/DIDIY.US.md)
- [MEITUAN (03690.HK)](https://longbridge.com/zh-HK/quote/03690.HK.md)
- [Meituan (MPNGY.US)](https://longbridge.com/zh-HK/quote/MPNGY.US.md)

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