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《大行报告》瑞信上调美团(03690.HK)目标价至436元 评级「跑赢大市」
阿思达克 02-02 09:46
瑞信发表研究报告指,料美团(03690.HK)去年第四季收入将按年升30%至367亿元人民币(下同),而经调整净亏损将为17亿元,主要由於「美团优选」快速增长方面的投资。

按分部来看,该行料美团期内食物派递收入按年升35%,而订单量则升32%,平均订单价值亦有扩张,每张订单溢利料按季持平在0.24元水平,而收入复苏的因素部分被冬季骑手成本增加所抵销,到店及酒店分部则正自疫情复苏,估计收入将按年升12%,经调整溢利料为27亿元。在新业务方面料经调整亏损将扩阔至60亿元,当中包括「美团优选」亏损约28亿元。

该行认为可留意美团各分部今年的增长前景,以及集团对「美团优选」的更新,估计其GMV已在行业领先,另外亦要留意近期内地部分地区爆发疫情带来的影响。

瑞信将今年「美团优选」亏损预测上调至200亿元,以反映GMV提升的影响,去年及今年的每股盈测则分别降43%及82%,决定上调对美团目标价,由400元升至436元,以反映估值提升,维持「跑赢大市」评级。(el/w) ~

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