大和:重申對美團(3690.HK)買入評級 目標價425港元
大和發表研究報吿指,美團(3690.HK)首季業績勝預期,主因餐飲外賣變現率和經營利潤率高過預期,以及“美團優選”獲客能力強勁所致。儘管集團調整騎手成本及變現率,惟變現率提高及餐飲外賣利潤率擴張的長遠態勢不變;雖然美團目前仍受監管壓力,但相信美團優選的交叉銷售機會或會推動估值重估,重申對其買入評級,目標價425港元。
大和表示,由於用户補貼減少,帶動首季餐飲外賣變現率增至14.4%,並料美團改變變現率計算方式短期影響有限。大和又對首季餐飲外賣non-GAAP經營利潤率達5.4%感到驚訝,而管理層估計下半年起每筆訂單的成本將增加0.05元人民幣,故預期嚴格的用户補貼和運營成本下降將可抵銷騎手開支較高所帶來的額外成本,並預期美團次季及今年餐飲外賣non-GAAP經營利潤率分別為9.8%及5.8%,同時料次季到店、酒店及旅遊業務收入按年升89%。
該行又指,新業務收入按年升1.36倍勝於預期,預期夏季來臨前集團將增加投資,令美團優選次季non-GAAP運營虧損約79億元人民幣。由於美團優選在過去兩個季度累積超過1億用户,其中大部分是來自低線城市的新用户,認為交叉銷售機會有上升空間。

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