一文综合大行於美团(03690.HK)公布季绩後最新目标价及观点
美团(03690.HK)今早股价靠稳，券商指公司上季收入及盈利均优於预期，但关注公司对新业务投入及回报前景，关於新投资需时才可取得回报。美团昨日(30日)收市後公布截至9月底止第三季纯利按年升3.74倍至63.21亿元人民币，以非国际财务报告准则计算的经调整溢利则录按年升6%至20.55亿元人民币，高於本网早前综合7间券商预测中位数的10.92亿元人民币。
美团上季营业额按年升29%至354.01亿元人民币，高於本网早前综合14间券商预测上限348亿元人民币，当中餐饮外卖收入按年升33%至206.93亿元人民币，到店、酒店及旅游收入按年升5%至64.78亿元人民币，新业务及其他收入按年升44%至82.3亿元人民币。公司第三季新业务及其他分部第三季经营亏损，由第二季度15亿人民币扩大至季内20亿人民币。
公司截至9月底止12个月，交易用户数目按年升9.4%至4.76亿，活跃商家数目按年升10%至650万。每位交易用户平均每年交易笔数按年升1%至26.8。
【季绩优预期 关注新投资】
大和表示，美团旗下三大业务表现均胜预期，相信未来收入增长趋势将上升，又指旗下外卖业务单位经济效益好於预期，未来关键是杂货零售的前景。该行重申对美团「买入」评级，上调目标价至350港元，相当於预测明年外卖业务市销率11倍、到店业务相当明年市盈率24倍、酒店及旅游相关为市销率11倍。
麦格理则把将美团投资评级降至「中性」，目标价由294港元下调至287港元。该行表示，虽长期看好美团前景，但正面因素已在股价反映，目前未见业务有其他明显进步。该行亦指，美团核心的食品配送业务发展健康，但明年没有强劲增长迹象，按目前步伐，相信明年实现交易总额按年增长48%、经营溢利率可达9.5%，但未能超出预期。麦格理亦预期，美团餐饮供应链服务正处於业务扩展初期，要未来数季才见回报。该行将2021年至2022年非国际财务报告准则每股盈利预测各下调13%和8%。
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本网最新综合10间券商对其投资评级及目标价，8间给予「买入」、「增持」或「跑赢大市」评级。
券商│投资评级│目标价(港元)
杰富瑞│买入│300元->360元
大和│买入│300元->350元
高盛│买入│349元
野村│买入│300元->342元
瑞信│跑赢大市│310元->340元
瑞银│买入│365元->340元
花旗│买入│300元
麦格理│跑赢大市->中性│294元->287元
摩根士丹利│增持│280元
摩根大通│中性│235元
券商│观点
杰富瑞│为未来机会奠下巩固基础
大和│毛利率胜预期，杂货零售为焦点
高盛│季绩稳固，外卖及到店服务盈利能力改善
野村│季绩稳固
瑞信│料美团优选为下一个业务催化剂
瑞银│网上杂货业务进入新投资周期
花旗│季绩所有指标胜预期，盈利能力改善
麦格理│外卖业务健康，但明年缺强劲上升迹象
摩根士丹利│核心盈利胜预期
摩根大通│季绩大致符市场预期
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