《大行報告》美銀證券下調美團(03690.HK)目標價至289元 評級「買入」
美銀證券發表的研究報告指,美團(03690.HK)估計約20個城市封城將影響到公司第三季收入,特別是到店及酒店業績,該行將其2021至2023年收入預測降3%至4%,公司對各個業務的用戶需求有信心,主要因為截至6月底過去12個月客戶增長37%,而次季每戶平均交易宗數增長28%,商戶亦升22%至770萬戶。另一方面公司對變現採審慎態度,維持佣金比率穩定,並改善騎手福利等。在外賣快遞方面,公司預期受惠效益改善、補貼合理及廣告收入佔比提升,單位經濟將有改善。而社區團購受惠訂單增長,效率亦見改善。該行估計下半年新業務虧損將見頂,維持「買入」評級,認為提成比率及騎手成本趨勢大致如預期,目標價由296元降至289元,以反映到店及酒店業務增長減慢。
該行指出次季整體銷售升77%至438億元人民幣(下同),較市場預期高3%,期內商戶及客戶分別按年升22%及37%,公司指出會員在午餐及晚餐時間以外的訂單、以及長距離訂單比例有增加,而用戶使用頻率亦有改善。期內外賣快遞收入為231億元,按年升59%,而抽成維持在13.3%水平,分部經營利潤率改善至10.6%,主要受惠騎手成本及經營開支改善。期內到店及酒店業務增長89%,經營利潤率升至42.6%。新業務收入則按年升114%至120億元,主要受惠零售業務包括社區團購,分部虧損92億元,好過該行預期,主要因為行業補貼減少。
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