Maintaining a balance between growth and profitability is the
Editor ’s Note that Meituan needs special attention in 2020: This article comes from the WeChat public account __biz = MjM5MDEzOTc0MA == & mid = 2655617010 & idx = 1 & sn = 0bd52652fdfe00b2232892917fe1a713 & chksm = bdf48bc18a8302d7304ed178c24cd72a32bd012e27cf627f2823161745f9b86d91bc6e54f052 & token = 1933808032 & lang = zh_CN # rd “>” Science and Technology said “(ID: kejishuo) , author: old iron 007.
In fact, this article has already been completed, but there are no other reasons for the delay.
I personally wrote several articles in the past two years to question the Lucky Model. Nowadays, companies are disclosing public financial data, and I am not excited by “in words”.
As an analyst, financial information is data that we must refer to and has great objectivity. Nowadays, an internet celebrity-level company publicizes financial fraud (this is essentially different from legal and reasonable financial processing by some companies), basic data If there is a deviation, even if the analysis process is rigorous, what is the objectivity and value?
This is almost a fundamental blow to what I have insisted on for more than two years. Does the analysis still make sense? Are our analysts being “played” by companies?
In the past few days, I fell into deep self-doubt, not only for Ruixing, but also for myself.
Ruixing has had a lot of harm in public opinion, but I still want to remind the “little pinks” who took up a few coupons to say: Integrity is the most precious. Ruixun is now lost, and he is already in business It is meaningless for a dead company to incite “populism” at low prices.
We will return to the protagonist of this article: Meituan.
In 2019, Meituan ’s total revenue reached 97.5 billion yuan, a year-on-year increase of 49.5%, a decrease from the 92.3% year-on-year growth rate of the previous year.
Looking at the business situation, we compare the changes of GMV of each business, see the picture below
Except for the percentage, the unit is “100 million yuan”
In 2019, Meituan adjusted the innovation business with the main purpose of “open source and cut expenditure”, that is, shrinking the innovation business with high loss and low cash flow, such as changing the taxi business to a platform model, reducing driver subsidies Losses, optimize investment in Mobike bicycles to reduce losses, etc., restrictive measures for some businesses to reduce losses.
In the revenue market, it is more obvious that with user education and the sinking market, the growth of takeout has slowed down significantly. According to the China Hotel Association, the market penetration rate of takeout in 2019 is close to 13 %, It is difficult to continue the previous high-digit growth.
But in 2019, Meituan ’s food delivery revenue growth rate reached 43.8%, surpassing GMV growth. Obviously, Meituan continued to increase its revenue growth by increasing the commission ratio. The reason, that is, whether the current commission rate has caused a large burden on the catering industry, especially during the recovery period of the epidemic market, commission has almost become a sensitive topic in the industry.
The Diandian Jiulv is still in a relatively optimistic environment. Not only does the total GMV continue to grow, but the revenue has reached 40.6%, and the revenue leveraging ability is strong.
When carefully judging the Meituan of the past year and predicting the growth of the Meituan in 2020, we might as well bring the following questions:
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How much space does Meituan still have in operation?
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After the epidemic, will Meituan continue its previous market position?
Meituan changes in 2019
In 2019, the monetization rate of takeaway business increased from 13.5% in the previous year to 14%, which became the main reason for the rapid growth of total revenue.
We compared the components of takeaway income in 2018 and 2019, see the picture below
Except for the percentage, the unit is “100 million yuan”
Although the total monetization rate of takeaway has increased to 14%, the commission rate in 2019 is basically the same as that in 2018. Considering the actual demand of the catering industry, it is difficult to increase the commission rate in a short time.
At the same time, the sales revenue of Meituan ’s takeaway has grown rapidly, contributing to
