一文了解券商於美团(03690.HK)公布业绩後最新评级、目标价及观点
美团点评(03690.HK)今早股价反覆靠稳，券商指其第二季业绩优预期，餐饮外卖业务呈快速复苏。该公司上周五(21日)收市後公布截至6月底止中期业绩，亏转盈赚6.31亿元人民币，上年同期蚀5.54亿元人民币，远胜於本网综合6间券商预测亏损10.78亿至34.19亿元人民币。每股盈利11分人民币?不派息；上半年经营溢利亏转盈4.59亿人民币，去年同期录1.91亿人民币亏损。以非通用会计准则计算的经调整EBITDA为26.52亿元人民币，按年减少5%；经调整溢利净额25.02亿元人民币，按年大增463%，远胜本网早前综合7间券商预测上限11.56亿元人民币。
美团点评上半年营业额414.76亿元人民币，按年跌1%，高於本网综合11间券商预测中位数404.02亿元人民币。当中餐饮外卖收入240.35亿元人民币，按年增长2.1%；到店、酒店及旅游收入76.39亿元人民币，按年下跌21.6%；新业务及其他收入98.02亿元人民币，按年增长14.1%。截至6月底止十二个月，交易用户数录4.57亿人，较去年同期增8.2%。活跃商家数目630万个，按年增6.7%。每位交易用户平均每年交易笔数25.7笔，按年增0.5%。
【业绩优预期高盛升预测】
野村上调美团点评今明两年收入预测2%及6%，又指曾担心到店、酒店及旅游业务拖累公司整体增长及盈利能力，但餐饮外卖较快复苏纾减该行忧虑。第二季盈利表现反映公司在艰难环境下的超强执行力，因此上调该股投资评级，由「中性」上调至买入，目标价由122元大升至300元。
高盛上调对美团点评全年业绩预测3%，以反映第二季表现稳健，受惠新业务收入增推动，并上调对全年经调整EBIT(除息税前溢利)至29亿元人民币，主要受惠於到店、酒店及旅游业务因复苏、跨销售能力及经营效益。该行上调其基本情境目标价，由191元升至256元，投资评级为「买入」。
摩根士丹利表示，新冠疫後快速复苏及盈利能力改善，推动季绩显着胜预期，为下半年业绩重拾动力铺平道路。该行对美团点评餐饮外卖交易量及每单盈利持正面看法，并相信情况正允许公司为未来增长作投资。该行大幅上调目标价，由135元上调至280元，投资评级为「增持」。
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本网最新综合14间券商对其投资评级及目标价，11间券商上调目标价，1间券商上调投资评级：
券商│投资评级│目标价
野村│中性->买入│122元->300元
里昂│买入│230元->300元
美银证券│买入│214元->296元
汇丰环球研究│买入│246元->290元
海通国际│跑赢大市│227.2元->283.8元
中信证券│买入│225.2元->280.3元
摩根士丹利│增持│135元->280元
高盛│买入│191元->256元
中金│跑赢行业│140元->260元
华泰金控│买入│230.2元
招商证券国际│中性│200元->229元
杰富瑞│买入│228元
摩根大通│中性│200元->225元
麦格理│跑赢大市(正检讨)│210元(正检讨)
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券商│观点
野村│外卖业务快速复苏
里昂│外卖及到店服务复苏料於下半年加快
美银证券│核心业务中长期竞争环境趋稳
汇丰环球研究│优先活化生态圈多於盈利能力
海通国际│证明业务能收支平衡
中信证券│核心业务优势强化
摩根士丹利│为增长再投资
高盛│季绩稳固，餐饮外卖持续领导市场
中金│长期同城零售市场前景广阔
华泰金控│季绩胜预期，长期展望正面
招商证券国际│当前为进一步扩大市占和加大投入的绝佳良机
杰富瑞│季绩表现超预期
摩根大通│次季度毛利率或非新常态，网上杂货零售为下一焦点
麦格理│就盈利上升走势，料下半年或因投资而消失
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