《大行報告》高盛引述美團(03690.HK)料核心業務健康增長 直言難預測社區團購何時達收支平衡
高盛發表報告表示,為美團(03690.HK)召開了其業績後的非交易路演(NDR),美團管理層透露其核心業務營運業務鞏固,在強大的用戶支持下,該公司鞏固了在外賣領域的市場領先地位,到店、酒店和旅遊業務中的利潤率也超過了競爭對手。該行重申對美團「買入」評級及目標價396元。
美團管理層指將繼續投資其社區團購業務「美團優選」,管理層認為拓展此業務具有戰略重要性,屬其核心業務的自然延伸,因為它有助於擴大潛在市場範圍(TAM),並潛在於內地較邊遠城市,在未來數年吸收3億至4億新客戶。
展望未來,公司管理層預計其核心業務可持續健康增長,並將耐心等待外賣和酒店的有利趨勢,並投資具有可觀的長期增長潛力的領域,特別是在美團優選上,指要捕捉重要的市場潛力。但美團管理層亦直言目前難以預測社區團購業務何時才可取得收支平衡,而高盛估計相關虧損或會持續數年時間。
高盛引述美團管理層指在已改善營運效率下,估計公司今年盈利能力轉佳,但對盈利趨勢仍會非常保守耐性,公司長遠目標價是爭取日均1億個訂單,每個訂單的EBIT為1元人民幣,管理層傾向以提升訂單增長為優先策略。
就內地反壟斷監管方面,美團管理層相信內地政策可令行業健康發展,確保競爭環境公平,並估計監管對其核心業務影響有限。
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