CICC: Maintains outperform rating on MEITUAN-W (03690), expects Keeta to implement refined operations in Brazil.

Zhongjin Research Report: Didi's 99Food and Meituan's Keeta have entered the Brazilian food delivery market, breaking the dominance of local company iFood and attracting market attention. It is expected that the two brands will adopt differentiated competitive strategies, leading to a price war that will drive up the penetration rate of the Brazilian food delivery market. It is estimated that the market size of the Brazilian food delivery market will increase from $18.7 billion in 2024 to $33.3 billion in 2028, with the penetration rate rising from 18.7% to 28.5%. The "outperform industry" rating for Didi and Meituan is maintained, with target prices of $6 and HKD 125 respectively. Zhongjin pointed out that 99Food has achieved penetration through the synergy of travel capacity, low commissions and subsidies, and rapid merchant binding, while Keeta relies on refined operational capabilities to replicate its operational experience in mainland China, Hong Kong, and the Middle East. Zhongjin believes that the platform's sustainable profitability still needs to be observed, but it is believed that Chinese internet companies can seize a considerable market share in the local market through refined operational experience.