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《大行報告》中金:美團(03690.HK)短期需求承壓 利潤端呈較強韌性
阿思達克 06-20 14:28
中金發表報告指,近期舉辦了今年中期策略會,邀請美團(03690.HK)與投資人進行交流。短期來看,公司表示儘管6月疫情基本得到控制,但由於部分城市防疫政策依然較為嚴格,配送的時效和便利性有所下降,對外賣需求仍有一定抑制。 該行表示,集團於長期依然有信心實現2020年至2025年外賣日均單量年均複合增長率25%的目標,2025年峰值水平有望達到每日1億單。利潤層面而言,針對今年第二季較高的外賣單位盈利指引,美團表示主要由於在宏觀疲軟背景下主動降低補貼,同時上海等高線城市之前由於競爭激烈,基本處於虧損狀態,管控措施也使得公司被動減少投放。 另外,中金預期集團到店酒旅業務短期承壓,但疫情控制後將有較大反彈。至於社團關停區域單量佔比較低,「閃購」的長期單位盈利有望高於外賣。 中金維持對美團盈利預測不變,且「跑贏行業」評級及目標價279元。
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