《大行報告》中金下調美團(03690.HK)目標價至251元 料首季經調整淨虧損按季擴至42.6億人幣
中金髮表報告,由於疫情管控及宏觀消費環境不確定性,將美團(03690.HK)今明兩年收入預測下調5%和4%至2,210億元人民幣(下同)和2,979億元,將今年經調整淨虧損由74億元下調至88億元,明年下調至85億元。該行下調其目標價5%至251港元,維持「跑贏行業」評級。
該行預計,今年首季美團收入按年增長23%至455億元,經調整淨虧損額按季擴大3.3億元至42.6億元,基本符合市場預期。
外賣業務方面,中金預計首季收入將按年增17%至240億元,日均單量按年增16%至3,725萬單,客單價按季提升2元至50元。考慮公司近期積極推出針對中小商戶紓困措施的影響,預計首季外賣業務經營利潤將按年下滑0.6個百分點至6%。另預計首季到店酒旅收入將按年增15%至75億元,到店酒旅經營利潤將按季下滑3.2個百分點至41.5%。
中金指,次季美團仍然面臨較強不確定性,預計4月外賣單量微跌,到店交易金額按年下降約30%,酒
旅間夜量下降50%以上。5 月受北京疫情影響,到店業務或最早於6月改善。
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