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《大行報告》中信証券料美團(03690.HK)核心業務續強 超級平台生態價值將抬升
阿思達克 11-04 14:29
中信証券發表報告指,預計美團(03690.HK)今年第三季外賣的平均每日訂購量增加30%,平均訂單價值(AOV)增加6%,實現率為13.3%/跌0.6個百分點,經調整經營毛利率為3.6%/增1.5個百分點。到店、酒旅業務收入按年增長4.2%,調整經營毛利率為40%/增2.8個百分點;而短期社區團購等業務投資增加,導致新業務虧損幅度擴大。

該行預計,美團今年第三季新業務經調整經營虧損23.4億人民幣(下同),對比第二季為虧損14.6億元及去年同期為虧損12億元。綜合預計集團第三季經調整經營利潤7.3億元,對比第二季為利潤21.7億元及去年同期為14.5億元。

中信証券表示,美團的核心業務料延續強勁表現,在此基礎上,集團下注培育下一個增長點,將為平台生態增加更大價值。該行維持美團「買入」評級,目標價290.6港元。

該行指,雖然美團短期投入增加致虧損提升,在充足的流動性基礎上現價溢價明顯,但是考慮到核心外、到店業務強勁增長下,新的增長空間正在啟動,美團有望繼續成長為一家承載服務業線上化率提升的巨無霸企業,其超級平台生態價值將抬升。

而中信証券料美團於2020年至2022年每股盈利預測各為0.476、1.79元及4.05元人民幣。

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