美團點評-W(3690)市值首次超8000億港元，1季報業績超預期
5月26日，美團點評-W的股價早盤持續飆升，盤中一度漲至138港元，市值再次創出上市來新高並一度突破8000億元大關，截至發稿，股價報137.2港元，成交超過30億港元。
在昨日5月25日盤後，美團公佈2020年Q1業績，核心財務數據顯示均超出了市場的預期。其中Q1營業總收入167.54億元，市場預期為161.14億元，去年同期為191.73億元。淨虧損15.7億元，市場預期淨虧損16.41億元，去年同期淨虧損14.3億元。經調整後淨虧損2.163億元，同比減少79.4%。
整體看，雖然美團的1季度業績有所下滑，但無論是營收還是淨虧損規模，都好於市場的預期，尤其是經調整後的淨虧損，同比大幅減少近8成，這在肺炎疫情對經濟造成全面衝擊的大背景下，表現可謂非常出色。
在1季度財報電話會議上，王興在展望未來三個季度時表示，挑戰和不確定性依然存在。短期盈利從來不是公司的最高優先級。今年剩餘時間裏，公司將保持聚焦，並投入大量資源，幫助商家恢復經營、提高效率，並將運營數字化。
王興表示，在供給端，3月底活躍的外賣商家數量超過了疫情前水平的90％。截至4月下旬，我們已經看到，包括新商家在內，活躍外賣商家的數量已完全恢復，尤其是品牌和高品質餐廳的數量繼續增加，使我們能夠進一步擴大高端選擇，為過去幾個月的恢復提供支撐。
在需求端，第二季度的外賣日訂單量繼續逐漸恢復。我們已經看到，對火鍋、烘焙和其他消費者通常無法在家制作的類別的需求快速恢復。午餐和下午茶的消費恢復速度超過了晚餐和夜宵，而工作場所訂單的恢復速度繼續高於居家訂單。一般而言，低線城市的消費復甦領先於高線城市。
關於盈利能力的問題，王興表示，疫情期間較高的平均訂單價值等積極因素可能會正常化，貨幣化率將繼續受到商家支持計劃的影響。用户補貼已經再次提高，以進一步推動消費信心。
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