《大行報告》瑞信料美團(03690.HK)次季經調整淨虧損收窄至20億人民幣 評級「跑贏大市」
瑞信發表評級報告,預料美團(03690.HK)次季收入按年增13%至495億元人民幣,經調整淨虧損收窄至20億元人民幣;即使銷量增長錄得僅3%,但由於受惠於平均訂單價值(AOV)增加及較低補貼,料外賣收入按年增13%,單位利潤為0.93元人民幣或經調整營運利潤率為13%。
該行表示,由於位於一線城市的酒店及門店受封城措施影響,預計其收入按年跌20%至69億元人民幣;受惠於較低補貼,料營運利潤錄得42%。至於在新措施,該行料經調整後營運虧損或進一步收窄至78億元人民幣,包括當中來自美團優選的54億元人民幣虧損。
該行表示,由於至今復甦速度優於預期,故將集團在2022年至24年每股盈測上調3%至8%。基於美團於內地服務領域滲透率相對較低、具有競爭力及強勁的執行力,故該行繼續看好美團,並維持其目標價245元及評級為「跑贏大市」。(ca/k)
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