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《大行報告》摩通上調美團點評(03690.HK)目標價至165元 長遠盈利潛力改善
阿思達克 05-27 09:55
摩通發表的研究報告指,公布首季業績後對美團(03690.HK)長遠增長潛力看法更為正面,認為公司在餐飲外賣商戶供應方面有結構性改善,長遠為盈利帶來上行空間,另外餐飲外賣業務利潤結構亦持續有改善,在日用品業務方面的增長亦令人鼓舞。該行認為美團作為少數在港上市並有長遠增長潛力的大型企業,相信經過2020年疫情的影響及維持餐飲外賣市場份額後,其股份可吸引更多投資者注意。該行料本地消費復甦及第二、三季變現情況改善可帶動市場預期升級,予「增持」評級,目標價由120元升至165元。

該行指出公司首季餐飲外賣平均銷售單價按季升14%,主要因為吸納了過往較少做餐飲外賣的高端餐廳,認為可助公司結構性吸納消費較高的客戶,在業務層面上不單平均銷售單價有所提升,這些餐廳的利潤亦相對較高,估計每張單可帶來0.6-0.8元(人民幣)的利潤,而首季平均每張單則蝕0.05元。

在到店業務方面短期將較困難,但無損長遠前景,今年首季到店業務受疫情的負面影響,但該行有信心收入及利潤在未來數個季度將逐步復甦;惟酒店預訂收入在今年餘下時間仍然受壓。該行指,隨著公司與出租率低的四、五星級酒店加強合作,料美團的品牌作為線上旅行社的地位將有所加強。

今年首季公司新業務收入按年升5%,主要受惠日用品快遞業務的線上滲透率增加,而公司持續投資在日用品、食品供應鏈、餐飲管理系統及單車共乘等或拖累次季甚至2020年的分部虧損擴大,但相信公司有能力控制好虧損幅度。

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