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摩通:上調美團點評(3690.HK)目標價至125港元 評級“增持”
格隆匯 11-25 12:57
摩通發表的研究報告指,美團點評-W(3690.HK) 第三季外賣及“ 到店 ”業務表現大致符該行預期,而主要經營指標有改善,包括外賣量增長加快、酒店房間晚數增長加快等,反映平台應用度及黏性增加,相信將吸引更多商户並增加其生態系統對客户的價值,而其營運指標亦顯示公司在核心業務方面市場份額有所提升,而財務成本亦合理。相信管理層決定於未來數季投資更多財務資源,將有助公司提升市場份額,或有助新業務獲得正面反應,維持“ 增持 ”評級,目標價由110港元升至125港元。
該行指出在外賣業務方面其表現符合預期,當中規模增長加快至38%,主要受惠下單頻率增加,以及消費場景擴張等,而受惠競爭對手減少在一、二線城市的宣傳,美團市場份額亦有所提升。在利潤層面,期內每張訂單的騎手成本按年下跌6%,帶動毛利率於第三季提升3個百分點至20%。雖然管理層指出短期不會提升抽成比率,以助商户應付宏觀困局,但該行估計訂單增長及經營效益將持續改善,並於明年帶動外賣業務方面的盈利強勁增長。
雖然期內新業務虧損收窄,但管理層似乎對投資於新業務包括是共享單車等態度質極,估計2019年新業務經營虧損65億元人民幣,而相關虧損於2020年亦不會收窄。

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