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大华继显首予美团点评(03690.HK)「买入」评级 目标价175元
阿思达克 06-04 12:24
大华继显发表报告表示,首予美团点评(03690.HK)「买入」评级,目标价175元,此相当预测2021年预测市盈率42倍、市销率6倍及动态市盈率1倍,料其2021年至2024年盈利复合增长率约35%。

该行指,美团点评属内地大型内需市场服务商,并在相关行业领域包括外卖、到店及相关线上服务具领导地位,指公司旗下线上外卖市场份额达65%,内地线上酒店订房量市占率35%。

大华继显料,中国消费服务市场规模将由2019年22.8万亿元人民币,至2023年规模增至33.1万亿元人民币,料期内年均复合增长率为10%,并估计中国於2010年至2023年线上消费服务市场规模复合增长11%,线上渗透率由2020年的20%,至2023年升至24%。而该行喜爱美团点评在行业中领导地位。

该行料美团点评於2020年至2022年经调整纯利预测各为4.54亿、159.23亿及253.84亿元人民币,料2020年至2022年每股盈利预测各为7.6分、2.622元及4.159元人民币,现价相当预测2020年至2022年各年预测市盈率分别1,821倍、52.7倍及33.2倍。

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