中信證券升美團(03690.HK)目標價至117.2元 料3月起業務逐漸恢復
中信證券發表報告表示,近日內地疫情緩解,復工率持續提升,料美團(03690.HK)各項業務有所回溫,鑒於疫情影響,該行調整美團首季核心預測,料總交易總額跌14.4%至1,185億人民幣、料收入跌15.8%至161.4億人民幣、外賣日均訂單量下滑13%;到店、酒店業務收入下滑46%;新業務虧損幅度略有擴大;綜合料美團首季非通用會計準則經營虧損35.2億人民幣(對比2019年首季虧損13.1億人民幣)。該行料美團首季度受疫情整體財務影響較大,但料3月起會開始逐漸恢復,同時從業務生態角度的利大於弊,該行繼續維持對美團服務業生態平台長期價值的看好,維持「買入」評級,將目標價由115元升至117.2元。中信證券認為,內地疫情對美團短期衝擊主要是財務影響,並不影響公司核心業務模式,用戶端來看,外賣剛需高頻特徵下需求將快速回升,消費者在疫情中線上消費習慣也在被促進提升;商戶端來,疫情對商戶線下業務更大的衝擊突顯線上平台的價值,而美團等互聯網公司在此時對商戶多方面的扶持,也進一步加深彼此之間粘性。總體該行認為其對生態價值而言更偏利好,而財務負面影響料年內即可消化。
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