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富瑞:升美團點評(3690.HK)目標價至121港元 重申為行業首選
格隆匯 10-21 13:19

富瑞發表研究報告指,美團點評(3690.HK)將在其“Food+Platform”戰略上,表現出強大的執行力,同時核心業務的基本面亦有所改善,預料今年第三季,由於九月天氣良好、食品交付將達收支平衡,同時公司亦有透過優惠券去吸引新客户,相信到店及酒店業務由於執行力及再投資減少,今年第三季利潤將好過預期。該行維持公司“買入”評級,目標價上調至121港元,並重申美團是該行的行業首選。

富瑞表示,公司今年第三季的總收入按年增長35%至257億元人民幣,其中送餐業務收入按年升32%至147億元人民幣,而到店、酒店及旅遊業務收入按年增長35%至約60億元人民幣,又預料該業務的非通用會計準則(non-GAAP)營運利潤率將達34%。

該行又對公司全年的預測保持不變,預計全年收入按年增長43%至933億元人民幣,食品配送按年增長38%,而到店、酒店及旅遊業務收入就按年升37%。至於今年第四季,該行認為,由於寒冷天氣影響某些地區的訂單,食品運送方面將會有約4.88億元人民幣的虧損,到店、酒店及旅遊業務的非通用會計準則(non-GAAP)營運利潤率將與第三季相若。

該行又指,美團點評的送貨服務及交叉銷售具有擴展潛力,可產生協同效應,並具更好的用户體驗及參與度,預料公司的基本面將會有所改善,並在2020年錄得盈利。

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