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惠譽:美團-W(03690.HK)核心業務將帶動盈利復甦
阿思達克 09-05 16:55
評級機構惠譽表示,內地電商企業美團-W(03690.HK)的盈利恢復態勢料將延續,因其線上線下混合模式可帶來更大的協同效應,且集團今年下半年將進一步削減新業務虧損,不過季節性因素及補貼措施調整等因素或導致各季度利潤率有所差異。 惠譽表示,鑑於新冠疫情管控措施有所放鬆,預計美團現金生成板塊料將今年下半年進一步恢復,不過零星散發的疫情或繼續對線下業務造成影響,而考慮到美團今年下半年的配送成本將增加,料餐飲外賣業務的利潤率將從今年次季的高位回歸正常化。 惠譽表示,長期來看,美團因須執行為騎手繳納社保的政策而導致支出增加,但認為美團能通過減少向用戶提供的激勵措施及提高履約效率來抵銷所增加的支出。 惠譽表示,今年次季美團通過更合理地定價、嚴格管理激勵措施及提高效率等舉措,將其新業務板塊的損失降低20億元人民幣,並認為管理層的投資自律,是美團今年下半年恢復板塊盈利能力的關鍵。 惠譽認為,美團有望在今年恢復盈利能力,而集團今年下半年用於服務器、研發設備和單車車輛維護的資本支出,預計仍保持在適度水平,若美團自由現金流明顯呈現中性趨勢,惠譽將考慮將其展望從負面調整至穩定。
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