《大行报告》杰富瑞料美团(03690.HK)第三季收入升26% 重申目标价300元
杰富瑞发表的研究报告指,料美团(03690.HK)第三季受惠「食品+平台」的策略成功,估计期内三个分部的收入按年增长加快,料第三季整体收入将按年增26%至346亿元人民币(下同),当中外卖送餐业务收入将升30%至202亿元,而到店、酒店及旅游则料升2%至63亿元。在外卖送餐方面,该行料外卖交易额将按年升34%至1,500亿元,而订单量则按年升28%,而在抽成方面则维持在13.5%水平。该行维持对公司「买入」评级,目标价300元不变,相信公司的长远势头在疫情後可维持。
按非通用会计准则计算,该行料公司外卖送餐的经营利润率将为1.9%,表现与去年同期相似,而到店、酒店及旅游业务的经营利润率则料为37.7%,创新及其他业务则维料录23亿元的亏损,估算与之前一致。
杰富瑞指出,在国庆假期间,到店用餐的交易额维持稳健,於10月1-6日按年增长逾三成,按月比较则升逾五成,当中三至五线城市增幅更逾七成。而在本地方面,景点、外卖送餐的订单量亦录大幅增长,有近三分一的单是来自旅行团等。(el/k) ~
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