《大行報告》花旗上調美團(03690.HK)目標價至222元 評級「買入」
花旗發表報告,指美團(03690.HK)今年第一季業績穩健,淨虧損低過預期,該行對美團2022年至2024年總收入預測分別上調10.6%、9.6%、6.6%,各至2,136億元、2,725億元、3,294億元人民幣(下同),預料2022年淨虧損57億元,料公司於2023年及2024年分別錄得淨利潤85億元和212億元。
該行將美團目標價由204港元上調至222港元,維持「買入」評級,相信最壞的可能已經過去,今年第二季業務受到的影響在很大程度上已被反映在股價。花旗預測,美團今年第二季總收入按年增長11.3%至487億元,經調整淨虧損21億元。
花旗表示,由於美團高線城市收入佔比較高,到店消費受到的影響比外賣更嚴重,隨著平均訂單額增加和消費者補貼減少,儘管訂單量和餐廳消費收到干擾,但外賣收入和毛利率可能會保持在相對較好水平。
該行認為,「美團閃購」和「美團買菜」由於在封控前居民囤積而需求上升,而「美團優選」則通過專注於高質素增長進一步縮小虧損。
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