《大行報告》里昂:美團(03690.HK)面臨宏觀經濟壓力 仍重申「買入」評級
里昂發表研究報告指,美團(03690.HK)食品配送與到店、酒店及旅遊業務受疫情及宏觀經濟放緩負面影響,預期2021年第四季綜合收入按年增幅可能放緩至約20%。
該行指,由於新業務虧損增加,整體經調整息稅前虧損可能進一步擴大至65.25億元人民幣。期內社區團購業務虧損收窄,但閃購及共享單車虧損料增加。里昂預期,宏觀因素將繼續對今年首季業績造成壓力,但考慮到市場競爭有限及新業務虧損或見頂,相信宏觀市況一旦改善,外賣及到店業務有望迅速恢復,重申「買入」評級,目標價370元。
里昂預期,去年第四季訂單將按年增長16%,帶動外賣收入按年增長放緩至19%,由於騎手成本下降及訂單組合優化,每張訂單的調整後息稅前利潤可能升至0.4元人民幣,外送業務經調整EBIT料增長65%至14.6億元人民幣;到店、酒店和旅遊業務經調整EBIT則預期增長26%至36億元人民幣。期內新業務收入預期增長55%至143億元人民幣,但調整後的經營虧損或進一步擴大至115億元人民幣。
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