机🍣(ji)构🤺(gou)：国👏(guo)泰🤺(tai)君🤞(jun)安🔖(an)研🌨(yan)究🚵(jiu)员➕(yuan)：秦🏊(qin)和🙎(he)平🎆(ping)/李🌂(li)奇🛐(qi)本🎪(ben)报✔(bao)告📿(gao)导🎴(dao)读🍢(du)：到📠(dao)家🌝(jia)业🤩(ye)务🏆(wu)单🔼(dan)量🦎(liang)超🕠(chao)预🍾(yu)期🕟(qi)增Ⓜ(zeng)长👙(chang)，市🛒(shi)场🍜(chang)担🧑(dan)忧😕(you)的🔏(de)到🏖(dao)店💘(dian)业🆘(ye)务💜(wu)竞😿(jing)争🔃(zheng)已🧐(yi)趋🔺(qu)缓🎡(huan)，利💋(li)润🚯(run)企🥡(qi)稳😙(wen)回⏰(hui)升🌬(sheng)；到🍱(dao)家🕷(jia)+到🍈(dao)店🎎(dian)业🏙(ye)务🐨(wu)协🐐(xie)同🎇(tong)，加🏾(jia)固👳(gu)美🌫(mei)团🤡(tuan)护🤣(hu)城😅(cheng)河😘(he)
投📪(tou)资🛵(zi)要👼(yao)点🎨(dian)：盈🗂(ying)利🛍(li)预🐂(yu)测📠(ce)及😚(ji)投🐚(tou) 资🌐(zi)建⬛(jian)议🥝(yi)：我💫(wo)们➗(men)调🎓(tiao)整👧(zheng)美📅(mei)团🌤(tuan)FY2024E/FY2025E/FY2026E 营⏰(ying)业🌧(ye)收🏪(shou)入🏞(ru)分🗝(fen)别🚈(bie)为🍝(wei)3,277/3,841/4,371 亿📵(yi)元🔷(yuan)（ 人🕐(ren)民🌿(min)币🃏(bi)，下📁(xia)同😇(tong)， 前🐻(qian)值😶(zhi)为🗂(wei)3,261/3,835/4,413 亿😓(yi)元👮(yuan))，FY2024E/FY2025E/FY2026E 经♏(jing)调🧔(tiao)整👇(zheng)净🦋(jing)利👇(li)润🙎(run)分😖(fen)别🕉(bie)为🎫(wei)373/507/664 亿🚂(yi)元🖨(yuan)（前🧘(qian)值⛔(zhi)为💂(wei)296/460/618 亿💵(yi)元👉(yuan))。给🏓(gei)予🚕(yu)美👕(mei)团👌(tuan)（3690.HK）目🐆(mu)标✡(biao)价🐄(jia)141.2 HKD，维🍪(wei)持💩(chi)“增🤤(zeng)持🏠(chi)”评🚱(ping)级😯(ji)。到🐚(dao)家💩(jia)业👦(ye)务👙(wu)单🌐(dan)量💑(liang)超🥞(chao)预🤕(yu)期🥔(qi)增🏗(zeng)长🕍(chang)。Q1 即🏯(ji)时🤫(shi)配⏭(pei)送🛹(song)交🚀(jiao)易🚿(yi)笔🐖(bi)数😨(shu)同🐜(tong)比🎧(bi)+28%至💼(zhi)54.6 亿😣(yi)笔💇(bi)，超♋(chao)预🏐(yu)期🛁(qi)的📸(de)52.6 亿💕(yi)笔📘(bi)，我🐠(wo)们👁(men)预🚔(yu)计🏽(ji)由🛅(you)外🔴(wai)卖🔶(mai)、闪🏩(shan)购📇(gou)单👭(dan)量🆘(liang)均🔆(jun)超🙋(chao)预🗝(yu)期💯(qi)增🦉(zeng)长🚕(chang)推😳(tui)动🗺(dong)，弥🚮(mi)补📌(bu)AOV 同🐁(tong)比⏰(bi)下🎠(xia)滑➡(hua)影🧛(ying)响🎸(xiang)。外😷(wai)卖📙(mai)方🛤(fang)面🎂(mian)，推😛(tui)出🆔(chu)品🛴(pin)牌🔷(pai)卫🥪(wei)星🌊(xing)店🌧(dian)助🐓(zhu)力👏(li)连🧤(lian)锁⏩(suo)餐🎴(can)饮🐕(yin)品📥(pin)牌⏪(pai)精🍿(jing)细🐊(xi)化🚆(hua)运🚉(yun)营🖇(ying)；闪📬(shan)购🈵(gou)方♍(fang)面🌪(mian)，Q1 日🔲(ri)均🕥(jun)订🌱(ding)单🏍(dan)量🖐(liang)达💮(da)840 万😘(wan)单🌓(dan)。海⬛(hai)外☕(wai)业🚑(ye)务🍁(wu)取😛(qu)得🚾(de)进🎱(jin)展🛺(zhan)，Q1 香👀(xiang)港👥(gang)KeeTa 的🐄(de)订😣(ding)单🦀(dan)量👌(liang)市🎦(shi)占❕(zhan)率🤷(lv)已🍬(yi)达💩(da)44%，位🛸(wei)列💜(lie)第📵(di)一👆(yi)。到🍹(dao)店😥(dian)业🤑(ye)务🌊(wu)竞🕡(jing)争😬(zheng)趋🛸(qu)缓🍻(huan)，与👫(yu)到🌠(dao)家🔧(jia)业🏐(ye)务📍(wu)形🀄(xing)成🗼(cheng)协✂(xie)同🔟(tong)效👷(xiao)应📰(ying)。Q1 核🐃(he)心🔴(xin)本🥓(ben)地🦖(di)商📹(shang)业🎍(ye)收🈵(shou)入🚥(ru)同🍝(tong)比🍇(bi)+27%至😩(zhi)546 亿⛑(yi)元🧕(yuan)（人✔(ren)民🈁(min)币💂(bi)，下🌜(xia)同🌲(tong)），超🐝(chao)预🤬(yu)期🍮(qi)的🚝(de)507 亿🍘(yi)元🎼(yuan)，其🈳(qi)中🏁(zhong)广🐰(guang)告🈂(gao)收🍭(shou)入💼(ru)同🚜(tong)比🤔(bi)+33%，增🐡(zeng)速💼(su)快🧕(kuai)于💔(yu)配🦎(pei)送👱(song)收🤕(shou)入🚎(ru)的🤸(de)25%及💋(ji)佣✝(yong)金🥌(jin)收🔮(shou)入👍(ru)的🔠(de)27%，我😏(wo)们⛲(men)判💅(pan)断🚃(duan)系🍋(xi)到👞(dao)店🍻(dian)业😶(ye)务🏧(wu)回🚞(hui)暖⛷(nuan)Q1 mei 🚴(mei)tuan 👞(tuan)jing 🈲(jing)ying 🌆(ying)li 🔜(li)run 🧟(run)lv 🔐(lv)huan 📬(huan)bi 🎢(bi)da ✴(da)fu 💊(fu)gai 😄(gai)shan 🍣(shan)6 pct zhi 🍨(zhi)8.5%，wo ❣(wo)men 🎺(men)pan 🌞(pan)duan 💚(duan)zhu ⛳(zhu)yao 🚄(yao)xi 🥥(xi)dao 😥(dao)dian 🏉(dian)ye Ⓜ(ye)wu 👾(wu)jing 🐊(jing)zheng 🚻(zheng)bian 😲(bian)ji 💧(ji)qu 🧥(qu)huan 🏔(huan)，tou 🤒(tou)ru 💲(ru)you 👊(you)suo 🤙(suo)ke 🔈(ke)zhi ♉(zhi)，dai 📩(dai)dong 🌿(dong)li 🈵(li)run 🌖(run)qi 💬(qi)wen 🥍(wen)xiu 🦒(xiu)fu 🕟(fu)。Q1 xiao 🔲(xiao)shou 💘(shou)ji 📹(ji)ying 🥎(ying)xiao 🆘(xiao)fei 🚖(fei)yong 🆘(yong)huan 🌥(huan)bi 🎶(bi)-17%zhi ⛽(zhi)139 yi 🏋(yi)yuan 😆(yuan)，xiao ⏺(xiao)shou 🕛(shou)ji 🌖(ji)ying 🕠(ying)xiao 💬(xiao)fei 🦉(fei)yong 🏫(yong)lv 🌰(lv)huan 🖱(huan)bi 🌇(bi)-4 pct zhi 🥫(zhi)19%，yi 📚(yi)ke 👥(ke)yan 🍀(yan)zheng 🧔(zheng)dao 👤(dao)dian 📿(dian)ye 🔗(ye)wu ⚾(wu)jing ✅(jing)zheng ♈(zheng)qu 🤓(qu)huan 🍑(huan)、tou 🙎(tou)ru 🍺(ru)ke 🐐(ke)zhi 🛳(zhi)。Q1 mei 💹(mei)tuan 💻(tuan)zheng ⚪(zheng)he 🏵(he)dao 🐺(dao)dian 📩(dian)he 🔉(he)dao 🕙(dao)jia 🦃(jia)shi 🎤(shi)ye 💍(ye)qun 🍏(qun)，she 📡(she)li 🚸(li)he 🛃(he)xin ✂(xin)ben 🏇(ben)di 🌾(di)shang 📬(shang)ye 🏯(ye)ban 👯(ban)kuai 🍣(kuai)，wo 🕞(wo)men 🏆(men)ren 👖(ren)wei 🦕(wei)ci 😲(ci)ju 🎂(ju)jiang 🤗(jiang)qiang 🏈(qiang)hua ⌛(hua)dao 💗(dao)jia 💉(jia)+dao 🛥(dao)dian 🐹(dian)ye 😰(ye)wu 🐷(wu)xie 🚄(xie)tong 💊(tong)xiao 😪(xiao)ying 🥟(ying)，shi 🏵(shi)xian 🔂(xian)liu 🖨(liu)liang 🤢(liang)hu ⭕(hu)bu ❕(bu)、qiang 🕹(qiang)hua 🌬(hua)ke 🏮(ke)hu 🌟(hu)zhan 🌭(zhan)xing 😺(xing)、jia 🕉(jia)qiang 🚌(qiang)zhan 🍚(zhan)ling 📻(ling)ke 👞(ke)hu 😝(hu)xin 🏾(xin)zhi 🦋(zhi)。“shen 😚(shen)hui ☕(hui)yuan 🔛(yuan)”ti 🧞(ti)xi 🚼(xi)yi 🙅(yi)zuo 🤕(zuo)xiang 📚(xiang)ying 🚮(ying)tiao 🔔(tiao)zheng 🤢(zheng)，yi 🃏(yi)wang 🍡(wang)zhi 🎓(zhi)fu 👖(fu)gai 🕶(gai)wai 🍌(wai)mai ⚾(mai)ye 🐥(ye)wu 🐡(wu)de 🏰(de)shen ⌚(shen)hui 🥤(hui)yuan 🦑(yuan)jiang 🏜(jiang)kai 🐛(kai)shi 🥡(shi)zhu 🔦(zhu)bu 🥘(bu)kuo 🌳(kuo)zhan 🔊(zhan)dao 📃(dao)dao 🏷(dao)dian 🛢(dian)ye 🔧(ye)wu 🤗(wu)，jin 🚐(jin)yi ⛸(yi)bu 🛀(bu)da ⛎(da)tong 🛀(tong)dao 🖖(dao)jia 🧙(jia)he 🌮(he)dao 🐬(dao)dian 🐫(dian)ye 📶(ye)wu 🍊(wu)。xin 🗯(xin)ye 💖(ye)wu 🧦(wu)jian ❓(jian)kui 🥁(kui)jin 🌒(jin)du 🌶(du)chao 🎷(chao)yu 🆔(yu)qi 🔜(qi)，mei 🚑(mei)tuan 🐨(tuan)you 📺(you)xuan 📘(xuan)jia 🍳(jia)su 🚡(su)you 💋(you)hua 🍯(hua)。Q1 xin 😽(xin)ye ♌(ye)wu 📑(wu)shou 🔅(shou)ru 🎌(ru)tong 📳(tong)bi ❣(bi)+19%zhi 🍶(zhi)187 yi 🚻(yi)yuan 🍒(yuan)（ren 🏆(ren)min 🔚(min)bi 🔩(bi)，xia 🤳(xia)tong 🛰(tong)），jing 🤵(jing)ying 📸(ying)kui 🥡(kui)sun 📤(sun)27.6 yi 🥍(yi)yuan 🎨(yuan)，jing 🍍(jing)ying 💃(ying)li 💤(li)run 🚶(run)lv 🌅(lv)-14.8%，tong 🕹(tong)bi 🤙(bi)jian 🔮(jian)kui 📡(kui)45%，da 🕓(da)fu 🕉(fu)chao 🚚(chao)yu 🍆(yu)qi 🚗(qi)de 💽(de)kui ⛺(kui)sun 👏(sun)32 yi 👵(yi)yuan 🌔(yuan)。wo 🌜(wo)men 🤣(men)pan 📵(pan)duan 💀(duan)zhu 🐳(zhu)yao 🍳(yao)xi 📦(xi)you 😭(you)xuan 👑(xuan)tong 🐣(tong)guo 😁(guo)ti 🎢(ti)gao 🛍(gao)jia 🛃(jia)jia ✉(jia)lv 👪(lv)、jiang 🏆(jiang)di 🔌(di)lv ⛲(lv)yue 🧠(yue)cheng 🙎(cheng)ben 💹(ben)、ti 🏤(ti)gao 👂(gao)ying 🀄(ying)xiao 🕚(xiao)xiao 🥢(xiao)lv 🎈(lv)shi 💼(shi)xian 👲(xian)da 🗻(da)fu 🚓(fu)jian 😖(jian)kui 🐓(kui)，tong ♈(tong)shi 🍘(shi)xiao ⏪(xiao)xiang 🍏(xiang)chao ⛸(chao)shi 🥡(shi)、dan 🥟(dan)che ✴(che)、chong 🍖(chong)dian 💰(dian)bao 🚕(bao)deng ⏫(deng)xin 🛑(xin)ye 🏜(ye)wu 🏕(wu)jin 🍱(jin)ru ⛑(ru)ying 😿(ying)kui 🌻(kui)ping 🤺(ping)heng 🌩(heng)dian 🔑(dian)huo 😲(huo)yi 😨(yi)jing 🦍(jing)shi 🔣(shi)xian 🛌(xian)gui 🌅(gui)mo 🎰(mo)hua 🚤(hua)ying 💛(ying)li 🤭(li)。xiao 🙆(xiao)xiang 🐣(xiang)chao 🏹(chao)shi 🏫(shi)ni ⚡(ni)shi 🐗(shi)kuo 🥗(kuo)zhang 🦗(zhang)，Q1 xin 🏢(xin)kai ⬛(kai)wu ⛸(wu)xi ⚓(xi)、dong 🧑(dong)guan 🔑(guan)deng 📞(deng)cheng ⏩(cheng)shi 🏙(shi)，chi 💋(chi)xu 🤚(xu)bu 🎥(bu)ju 💋(ju)hua 🐿(hua)dong ⚡(dong)、hua 💃(hua)nan 🥌(nan)。feng 📿(feng)xian 🕺(xian)ti ♎(ti)shi 🤝(shi)：zhu 🔬(zhu)ying 🗒(ying)ye ⏰(ye)wu 🍔(wu)jing 🍪(jing)zheng 🔫(zheng)feng ✋(feng)xian ⛏(xian)；xiao 🧐(xiao)fei 🈺(fei)fu 🗓(fu)su 🏝(su)bu 🖍(bu)ji 📂(ji)yu 📼(yu)qi 💇(qi)feng 🐏(feng)xian 🦖(xian)；xin 😨(xin)ye 🚵(ye)wu 😣(wu)gai 🈴(gai)shan 🦂(shan)jin 🙂(jin)du 🥍(du)bu 🥚(bu)ji ⛺(ji)yu 🆒(yu)qi 🥛(qi)feng 🌹(feng)xian 🍊(xian)。