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交银国际升美团点评(03690.HK)目标价至109.4元 料上季业绩或超预期
阿思达克 10-25 15:22

交银国际发表报告表示,估计美团点评(03690.HK)第三季度收入将达到261亿元人民币(下同),按年增长37%,按季增长15%,较此前预期的253亿元上调3%,较市场预期的258亿元高约1.2%,预测其调整後净利润7,900万元,此前预期约4.8亿元亏损,但仍较市场预期的2.8亿元盈利为低。

该行料美团旗下外卖业务交易规模增速或好於预期,预计单均亏损0.1元,估算第三季度美团外卖的交易金额按年增长31%,达1,047亿元,较该行此前预期的1,014亿元上调3%,主要受到用户数的继续提升以及日订单量(2,580万,按年增33%)所带动。该行上调第三季外卖业务收入预测约4%(约6亿元),到149亿元,相当於按年增33%,按季增16%。

交银国际表示,上调美团点评2019年收入预期约1%,上调净利润至800万人民币,对比此前预测每股亏损0.18元。仍然看好各业务的持续增长及交叉营销能力将继续提升用户下单频次及体验,十一黄金周订单量按年增43%,或使第四季度表现超预期。预计2020年收入增速23%,利润39亿元。按综合方式作估值,将估值切换至2020年,目标价由84.4港元升至109.4港元,对应2020及2021年预测市销率各4.8倍及4.1倍,及市盈率141倍及64倍,并预期整体利润或在2021年後开始放量。

该行料美团点评2019年净利润为800万元,并估计於2020年及2021年净利润各为39.11亿及86.33亿元。

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