創新業務擴張致美團虧損擴大,宏觀因素影響料在四季度持續
美團錄得2018年以來最大季度虧損。中金稱美團經調整淨虧損高於一致預期,主要因創新業務規模快速擴張所致,同時中金、花旗等機構認爲創新業務投資、宏觀環境等因素將繼續拖累美團四季度業績。不過花旗和Jefferies對美團長期展望樂觀,花旗稱美團短期股價的疲弱都是長期投資者的買入機會。
- 美團業績要點:美團第三季度營收488.3億元人民幣,調整後淨虧損55.3 億元人民幣
中金分析師白洋等在報告中指出,
- 美團三季度收入基本符合預期,經調整淨虧損高於一致預期,主要因創新業務(除社區電商)規模擴張快於預期
- 外賣業務增速環比放緩,主要受去年高基數、疫情反覆、極端天氣等影響
- 預計疫情及宏觀影響將持續,料四季度外賣業務收入同比增長20%至258億元
- 創新業務虧損額擴大,主要因零售業務持續擴張以及三季度網約車增加開城及自營業務補貼
- 下調公司今年收入預測1%至180億元,將今年經調整淨利潤由虧損143億元調至虧損165億 元
- 維持跑贏行業評級,看好外賣業務長期價值,目標價324港元
花旗分析師Alicia Yap等在報告中指出,
- 美團三季度業績相對符合預期,其中外賣和到店業務小幅好於預測
- 預計美團創新業務虧損在四季度將繼續攀升,因在網約車、地圖開發等領域的戰 略投資
- 分別下調公司今明兩年收入預測1.1%和5.2%,下調目標價6%至342港元
- 對於長期投資者而言,美團短期股價的疲弱都是買入機會,維持買入評級
Jefferies分析師Thomas Chong等在報告中指出,
- 美團三季度收入符合預期,調整後各部門營業利潤好於預期
- 對於整個互聯網板塊而言,長期前景比短期趨勢更爲重要
- 重申對美團外賣業務和早期到店業務高利潤率的積極看法
- 維持對公司的買入評級,目標價346港元
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