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《大行報告》中信證券:美團(03690.HK)緊扣高質量增長 理性看待政策影響
中信證券發表報告,預計美團(03690.HK)去年第四季經營表現符合預期,並認爲美團業務生態符合大衆對美好生活的嚮往,規範中前行不會改變平臺價值體現,料今年核心業務高質量增長和每單盈利改善,建議理性看待政策影響。該行維持對美團「買入」評級,目標價308.5元。 報告預計,美團去年第四季核心指標預計外賣日均訂單量按年增17%,變現率爲13.7%,收入按年增19.4%,每單經調整經營溢利約0.38元人民幣(下同);到店、酒旅業務收入按年增21.3%;新業務經調整經營虧損爲112.7億元。綜合預計美團去年第四季經調整經營虧損約63億元。 考慮發改委制定的階段性紓困政策或推動公司加大對商戶的短期優惠措施,該行調整對美團2021至2022年淨虧損預測分別由222.6億和79.3億元,至221.1億和102.3億元,2023年預測淨利由105.9億元調整至爲104.8億元。2021至2022年經調整淨虧損預測分別爲148.4和57億元,2023年經調整淨利預測153.9億元。
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