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大和:美團(3690.HK)季績符預期且有驚喜 目標續看350港元
格隆匯 11-29 15:44

大和發研報指,美團(3690.HK)第三季業績符合預期,驚喜主要在於到店、酒店及旅遊業務利潤率較預期好,儘管市場或看淡第四季至明年首季度的外賣業務前景以及新業務虧損料於第四季擴大,但該行相信美團的外賣和到店業務在未來數季仍將保持彈性,有可能為業績帶來正面驚喜。此外,集團積極投資在美團優選、買菜、閃購等,將為更持續的增長鋪路。大和維持“買入”評級,以及350港元的目標價。

報吿預計,美團的外賣業務短期表現疲軟,第四季相關收入料按年倒退19%;但由於顧客補貼下降,即使增長放緩,也預期外賣業務的non-GAAP經營利潤率將按年增長1.7個百分點至5.8%。

報吿又指,到店業務的總交易額強勁增長,抵消了酒店預訂業務的疲弱,同時對該板塊的non-GAAP經營利潤率達到破紀錄的44%感到意外,並預料第四季利潤率將錄41%。由於美團似乎將再加大對本地零售的投入,預料第四季相關虧損將進一步擴大至115億元人民幣,但美團優選的虧損將由71億元收窄至69億元。大和強調,儘管美團在為外賣員繳納社保的一事上仍有不確定性,但相信有關成本將被明年外賣業務增長而抵消。

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