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《大行报告》高盛引述美团(03690.HK)料核心业务健康增长 直言难预测社区团购何时达收支平衡
阿思达克 04-01 12:14
高盛发表报告表示,为美团(03690.HK)召开了其业绩後的非交易路演(NDR),美团管理层透露其核心业务营运业务巩固,在强大的用户支持下,该公司巩固了在外卖领域的市场领先地位,到店、酒店和旅游业务中的利润率也超过了竞争对手。该行重申对美团「买入」评级及目标价396元。

美团管理层指将继续投资其社区团购业务「美团优选」,管理层认为拓展此业务具有战略重要性,属其核心业务的自然延伸,因为它有助於扩大潜在市场范围(TAM),并潜在於内地较边远城市,在未来数年吸收3亿至4亿新客户。

展望未来,公司管理层预计其核心业务可持续健康增长,并将耐心等待外卖和酒店的有利趋势,并投资具有可观的长期增长潜力的领域,特别是在美团优选上,指要捕捉重要的市场潜力。但美团管理层亦直言目前难以预测社区团购业务何时才可取得收支平衡,而高盛估计相关亏损或会持续数年时间。

高盛引述美团管理层指在已改善营运效率下,估计公司今年盈利能力转佳,但对盈利趋势仍会非常保守耐性,公司长远目标价是争取日均1亿个订单,每个订单的EBIT为1元人民币,管理层倾向以提升订单增长为优先策略。

就内地反垄断监管方面,美团管理层相信内地政策可令行业健康发展,确保竞争环境公平,并估计监管对其核心业务影响有限。

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