美團-W(03690.HK：)營收利潤超指引，新業務投入擴大，維持“買入”評級，目標價330港元
機構：興業證券
評級：買入
目標價：330港元
投資要點
經營穩步復甦，關鍵財務指標優於指引。美團三季度收入 354 億元(YoY+28.8%)；調整後 EBITDA 達 26.8 億元(YoY+17%);淨利潤 63.2 億，扣除投資收益等項目的調整後淨利潤 20.5 億元(YoY+5.8%)；公司各分部實現同比增長，營收利潤皆高於公司指引。公司三季度資本支出約 50 億元，主要用於推動新業務發展。與去年同期相比，3Q20 公司銷售費用率下降 3.9pcts 至 16.5%；研發費用率同比小幅上升 0.6pcts 至 8.4%。
餐飲外賣乘旺季東風，加大營銷力度。Q3 餐飲外賣行業恢復增長，公司平台交易量 1522 億元(YoY+36%)，日均交易筆數 3490 萬筆(YoY+30%)，佣金收入 183 億元(YoY+30%)。板塊整體收入 207 億元(YoY+33%)，經營利潤 7.7 億元(YoY+132%)，OPM 同比上升 1.6pct 至 3.7%。主要驅動是擴大優質商户規模及平台供給的多樣性，並開展促銷活動協助商家發展業務，譬如珍珠奶茶主題營銷，以及在深夜時段為夜宵商家增加曝光率等。
到店業務業績回到正軌，增速轉正。公司三季度到店業務收入 65 億元(YoY+5%)，經營利潤 28 億(YoY+22%)。截至 9 月底，餐飲業帳單數已回至今年 1 月 1 日水平，公司仍將持續大量促銷活動。國內旅遊需求也恢復近 7 成，由於在暑期旅遊高峯加大推廣，公司國內酒店間夜量回升至 1.14億，間夜量在全球線上預定平台排名第一。除了擴大中低端酒店領先優勢，同時加強與高星酒店合作，提升高端服務能力。
新業務繼續加大投資。三季度公司新業務收入 82 億元(YoY+44%)，規模超越到店業務板塊；由於電單車與生鮮雜貨等擴大投入，經營虧損 20 億元，虧損同比擴大 69%。公司將持續加碼新業務佈局，優選、閃購、買菜（自營）三模式協同，滲透社區團購市場，強化輸出美團品牌的用户認知。
投資建議：維持“買入”評級。我們看好公司在生活服務龍頭地位，外賣盈利能力將隨着規模提升，新業務有望提升用户滲透與場景，維持Food+Platform 的戰略。根據 SOTP 估值，我們上調公司目標價至 330 港元，維持“買入”評級。
風險提示：1）政策風險；2）市場競爭加劇；3）餐飲行業景氣度下行；4）新業務減虧不及預期。
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