《大行報告》傑富瑞料美團(03690.HK)第三季收入升26% 重申目標價300元
傑富瑞發表的研究報告指,料美團(03690.HK)第三季受惠「食品+平台」的策略成功,估計期內三個分部的收入按年增長加快,料第三季整體收入將按年增26%至346億元人民幣(下同),當中外賣送餐業務收入將升30%至202億元,而到店、酒店及旅遊則料升2%至63億元。在外賣送餐方面,該行料外賣交易額將按年升34%至1,500億元,而訂單量則按年升28%,而在抽成方面則維持在13.5%水平。該行維持對公司「買入」評級,目標價300元不變,相信公司的長遠勢頭在疫情後可維持。
按非通用會計準則計算,該行料公司外賣送餐的經營利潤率將為1.9%,表現與去年同期相似,而到店、酒店及旅遊業務的經營利潤率則料為37.7%,創新及其他業務則維料錄23億元的虧損,估算與之前一致。
傑富瑞指出,在國慶假期間,到店用餐的交易額維持穩健,於10月1-6日按年增長逾三成,按月比較則升逾五成,當中三至五線城市增幅更逾七成。而在本地方面,景點、外賣送餐的訂單量亦錄大幅增長,有近三分一的單是來自旅行團等。(el/k) ~
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