《大行報告》瑞信:美團(03690.HK)營運執行力強 料社區團購業務可提升
瑞信發表報告表示,美團(03690.HK)近期股價表現受到內地監管政策的不明朗風險所拖累,但該行認為公司具強勁的執行力、外賣業務可提供穩定的現金流、流量潛在可望變現、兼且社區團購業務中期可望提升,重申對其「跑贏大市」評級及目標價374元,建議可待低位吸納。
該行指,近期透過行業渠道了解美團旗下業務表現均顯示強勁的執行力。對於外賣業務,美團於今年4至5月的訂單量按年增長約70%。基於基數較高以及廣東省疫情反彈的影響,6月可能會放緩。取消商家獨家經營權後,料同業餓了麼可能會取得一市場份額增長,但料幅度有限。
至於社區團購方面,美團仍專注於通過控制及減少佣金等措施,改善相關業務的單位經濟效益(UE),該行預計隨著冷鏈投資的增加,估計在第二季度單位經濟效益的改善將是漸進式的。
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