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《大行報告》中金:美團(03690.HK)短期壓力下追求高質量增長 維持「跑贏行業」評級
阿思達克 04-11 14:02
中金發表研究報告指,美團(03690.HK)外賣、到店及旅遊等主要業務面對短期壓力,但公司新業務追求高質量增長,維持對其今明兩年預測,評級「跑贏行業」保持不變,目標價265元。 報告指出,管理層透露今年1月至2月外賣單量增長仍然穩健,但3月份受上海、深圳等一線城市及其他地區疫情影響,相關地區外賣訂單量按年跌幅顯著,美團預計疫情影響或於次季持續,短期內外賣業務增長繼續受壓,長遠則對達成每日一億訂單目標有信心。中金表示,美團預期將通過提升中高頻用戶消費頻率,推動短期單量增長,並將通過持續補貼外賣會員及提升供給側品類及質量,促進中頻消費用戶轉化為高頻用戶。 到店、酒店及旅遊業務方面,該行指出,3月份疫情對到店影響顯著,到店業務月內收入按年持平,而酒店旅遊業務出現下跌,管理預期疫情防控一旦常態化,酒店旅遊收入佔比將提升,經營利潤率或將回升至約40%。 中金表示,美團預計創新業務收入增速將保持平穩,虧損持續收窄,未來將專注高質量增長,短期或面對監管及牌照等不確定性因素,但長期對規模化應用有信心。
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