中金:維持美團(3690.HK)優於大市評級 予目標價265港元
格隆匯4月11日丨中金髮研報指,美團(3690.HK)近期外賣業務增長承壓,不過其對每天1億訂單的長期訂單目標充滿信心。該行維持其“優於大市”評級,目標價265港元。
該行指,美團食品配送訂單在2022年1月至2月期間保持穩定增長,但3月在上海和深圳等受疫情重燃影響的地區急劇下降。該行續指,疫情對到店、酒店和旅遊業務造成嚴重影響,管理層表示,該業務在1月至2月期間迅速恢復,但是由於上海和深圳的店內收入比送餐業務更高,因此3月份對該業務影響較大,其3月份到店業務收入同比基本持平,而酒店和旅遊業務同比下降。據美團指,由於酒店和旅遊業務的收入貢獻下降,其到店和酒店及旅遊業務的營業利潤率在最近幾個季度有所改善。
另外,該行指,公司預計新業務收入增長將保持穩定,由於運營效率和競爭格局的優化,虧損將收窄。該股現報128.9港元,總市值9205億港元。

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