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高盛:料美團(3690.HK)第三季業績將有穩固表現 並稍勝市場預期
格隆匯 10-21 10:54

高盛發表研究報告指,美團點評(03690.HK)將於下月公佈第三季業績,該行估計業績將有穩固表現,並稍勝市場預期,估計集團收入將增36%(市場預期34%),而經調整溢利則估計錄5,900萬元人民幣(下同),大致收支平衡。該行指出過去一個月公司股價已升約23%,而MSCI中國指數則大致持平,相信股份獲重估主要是由於在現時的競爭環境中,其外賣業務可見性有改善。

該行預期外賣業務有穩健增長,料訂單增長將達34%,該行指受惠補貼及騎手成本增加帶動,現有活躍客户消費頻率增加,而行業具領導地位的公司亦有整合,該行指出「十一黃金週」訂單按年增長43%,將公司第四季訂單量預測上調,維持第四季EBIT預測,計及補貼增加每宗訂單料虧損0.3元。

在店內、酒店及旅遊方面,該行認為有健康增長,預計相關收入將增長35%,當中酒店入住晚數增長31%,經調整EBIT料錄19億元,主要受惠跨平台銷售等。

而在新業務方面,該行估計收入將增42%,而經調整EBIT虧損料錄18億元,按季虧損料擴大,但按年計仍料收窄,主要因為美團單車於10月初宣佈新一輪加價。

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