《大行报告》美团(03690.HK)投资评级及目标价(表)
美团(03690.HK.HK)将於下周五(26日)公布去年业绩,虽然到店业务持续复苏,但市场预期受新投资(社区团购)业务影响,美团去年经调整溢利将会倒退,但收入则会按年增加。本网综合16间券商预测,美团2020年非国际财务报告准则经调整溢利料介乎22.05亿至63.12亿元人民币,较2019年经调整溢利46.57亿元人民币,按年下跌52.7%至增加35.5%;中位数为29.24亿元人民币,按年跌37.2%。
市场料公司受惠於金融投资之公允值变动影响,综合16间券商预测,美团2020年溢利料介乎26.73亿至82.05亿元人民币,较2019年溢利22.36亿元人民币,按年增加19.4%至增加266.9%,中位数为64.12亿元人民币,按年增加1.87倍。
投资者将关注美团管理层最新营运及毛利率指引,聚焦其拓展社区电商的投入及中长期策略,如频订单及下沉用户趋势等,同时关注内地潜在监管风险因素等。
本网综合28间券商对美团的投资评级及目标价:
券商│投资评级│目标价(港元)
汇控环球研究│买入│550元
大和│买入│500元
花旗│买入│495元
广发证券│买入│494.31元
瑞银│买入│470元
野村│增持│452元
摩根大通│增持│450元
瑞信│跑赢大市│436元
建银国际│跑赢大市│432.1元
高盛│买入│426元
中金│跑赢行业│426元
摩根士丹利│增持│420元
中信证券│买入│414.4元
中银国际│买入│413元
方正证券│推荐│416元
美银证券│买入│397元
杰富瑞│买入│394元
中信建投│买入│365元
华创证券│推荐│362元
麦格理│中性│362元
里昂│买入│350元
招银国际│买入│348元
第一上海│买入│347元
大华继显│买入│343元
中国银河国际│增持│338元
华泰金控│买入│336.6元
兴业证券│买入│330元
招商证券香港│中性│273元
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