美團-W(03690.HK)：整體超預期，穩步恢復，新業務驚喜，維持“買入”評級
格隆匯 12-02 12:19
機構：國信證券
評級：買入
總覽：整體超預期，銷售費率控制優異
2020Q3，美團實現營業收入 354 億元，同比增長 28.8%，超出彭博一致預期 10%；調整後淨利潤 20.55 億元，同比增長 5.8%，超出彭博一致預期 95%。銷售費率低於市場預期約 2pct，我們判斷，主要系規模效應及多業務協同效應，導致營銷效率有所提升。
餐飲外賣：收入符合預期，走出疫情加速回暖
本季度，餐飲外賣業務的核心亮點如下：1）經營利潤率同比提升1.7pct，主要系營銷效率改善及在線營銷收入佔比提升；2）品牌商家訂購比例持續提升，使平均訂單金額同比提升 4.6%；3）會員用户規模創新高，且餐飲外賣訂單中來自會員的訂單佔比持續提升。本季度到店業務恢復超預期的同時，外賣業務加速增長，兑現了疫情對餐飲線上化滲透率提升的邏輯。
到店及酒旅：恢復超預期，經營性利潤創新高
本季度，到店、酒店及旅遊部分的收入營收為 65 億元，同比增長 4.8%。經營性利潤率為 43%，創歷史新高，我們判斷，主要系作為高頻衍生出的低頻業務，經營槓桿持續釋放。
新業務及其他：增速顯著超預期，虧損符合預期
本季度，新業務及其他部分實現營收 82 億元，同比增長 43.5%，超出彭博一致預期 11%。經營性虧損率為 24.7%，環比收窄 1.3pct，主要系協同效應、規模效應不斷顯現。
投資建議：維持“買入”評級
基於三季度優異的財報表現，上調 2021-2022 年盈利預測，上調幅度分別為 1%及 2.2%；上調目標區間至 292-341 港幣，上調幅度分別為5%及 27%，繼續維持“買入”評級。
風險提示
疫情衝擊導致宏觀經濟低於預期，本地商户業態受到疫情影響關閉的可能超預期。
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