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《大行报告》瑞银:美团(03690.HK)调整後风险回报改善 市场对社区团购投资保持耐性
阿思达克 03-30 15:28
瑞银发表报告表示,美团(03690.HK)股价自2月中旬高位累积调整34%後,指喜爱其目前的风险回报,指其外卖及社区团购业务近期趋势巩固,并相信内地监管压力属於可控。

该行指,美团去年第四季外卖业务营运毛利率按季及按年均有所改善,料其今年会进一步改善,维持对其「买入」评级,下调目标价由470元降至420元,相当今明两年市销率各11.5倍及8.3倍,与其他大型互联网同业估值相近。

瑞银引述美团管理层认为更广阔的消费零售市场,最终将使美团的用户群从5亿增加到中国的所有互联网用户,增幅可达70%,并将整体交易额从食品配送、到店、至所有电子商务增加多达4倍。该行认为,由於美团产品组合,规模和较少的非理性竞争,美团的社区团体购买单位的经济状况持续改善。监於近期取得的进展,该行认为虽然美团2020年第四季总经营亏损从30亿人民币,料至2021年首季亏损会增加50亿人民币,并可能於2021年保持这一水平,但投资者仍将对此计划保持乐观看法,并保持耐性。

该行料美团2021年全年经调整亏损73.69亿人币、估计今年收入1,866.07亿人民币按年升近62.6%;该行估计美团2022年可扭亏为盈,录经调整纯利44.72亿人民币,料明年收入2,591.95亿人民币按年升38.9%。

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