[CICC: Lowering Meituan (03690.HK) target price to HK$119, short-term performance under pressure] According to Jinshi Data on January 23, CICC published a research report stating that it maintains Meituan's fourth-quarter revenue growth of 20% year-on-year and non-IFRS net profit of RMB 3.4 billion. Taking into account the weak macro-consumption and intensified competition, the bank lowered its 2024 revenue and profit forecasts, and believed that the group was facing certain pressure in all businesses, but the current stock price has more fully reflected the market's pessimistic expectations. The bank expects the company's revenue to grow at a compound annual growth rate of 18% from 2023 to 2025. CICC mentioned that the group announced a repurchase quota of US$1 billion at the end of November last year and made its first repurchase on January 10. As of January 19, the company had repurchased 400 million yuan per day in 7 trading days, providing certain support for the company's stock price. Therefore, the bank believes that the market does not need to be overly pessimistic, and maintains its 2023 profit forecast unchanged, lowering its 2024 revenue forecast by 3% to RMB 324.9 billion, and lowering its non-GAAP net profit forecast by 14% to RMB 29.2 billion. The bank predicts that the company's revenue in 2025 will reach RMB 384.1 billion, an increase of 18% year-on-year, and its non-GAAP net profit will reach RMB 44.5 billion, an increase of 52% year-on-year. The bank maintains the group's outperform rating and reduces its target price by 16% to HK$119. (Reprinted from: Jinshi Data)