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大華繼顯:美團(3690.HK)首季業績符預期 維持買入評級
格隆匯 05-31 12:45

大華繼顯發表研究報吿指,美團(3690.HK)首季業績符預期,維持買入評級,目標價365港元。

該行指,美團管理層表示新業務及其他業務的營業虧損將繼續擴大,主要由於擴大供應鏈的龐大投資。另外,管理層預期,第二季外賣業務訂單量將按年升53-57%;平均訂單金額將錄得按年下跌;收入將按年升53-57%;營業利潤率將低於10%。

至於到店、酒店及旅遊業務,管理層預期第二季收入將按年升88-90%,營業利潤率將按年下跌至低於40%,主要由於集團持續投資以提升低線城市的滲透率。

針對監管機構目前的調查,美團表示,將尊重獨立商户的決定,取消此前對商户選擇的限制政策,展望未來將把注意力轉向為商户提供整體的工具和建立一個透明的反饋系統,以提高商户的運營效率。在對送餐員社會福利的監管反饋方面,美團目前正與保險公司合作,為其送餐員提供更廣泛的保險覆蓋範圍。總體而言,美團預計此次調查不會對其整體實收率產生重大影響。

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