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大摩:美團(3690.HK)第三季績符預期 維持目標價320港元
格隆匯 11-29 15:59

大摩發研報指,美團(3690.HK)第三季收入按年升38%至488億元,符預期;交易用户按季增加3910萬,表現具彈性;經調整營業虧損62億元人民幣,優於該行預期的67億元人民幣,主要受到店業務更好利潤率所帶動。該行維持其“增持”評級,目標價維持320港元。

該行預期,直至明年首季的外賣訂單量將受疫情防控措施等因素拖累,預期第四季訂單量增長16%,不過認為近期的單位經濟及營運利潤率可優於早前預期,料第四季營運利潤率可為5.7%,公司重申其騎手社保增量成本為每單少於0.5元人民幣。

該行指,到店、酒店及旅遊業務近期仍然受疫情及宏觀環境影響,預期到店業務的毛利率將可在第四季維持,預測為40%。新業務方面,該行預期美團優選的虧損已於第三季見頂,料2022年虧損將按年收窄。該行將其2022年盈利預測由純利43億下調至虧損28億元人民幣,並維持該公司中至長期的樂觀前景。

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