《大行報告》海通國際:內地疫情加劇將導致美團-W(03690.HK)近期股價波動
海通國際發表研究報告指,美團-W(03690.HK)第三季收入符合預期;受惠良好利潤率,經調整純利勝預期;廣告收入較為疲弱,抵銷了送餐業務的強勢,這或是由於疫情及競爭導致到店業務疲弱。然而,由於全國的封城狀況加劇,影響到店舖總交易額(GTV)、收入及部分送餐訂單,料其股價將於短期內承壓及出現波動。考慮到目前形勢惡化,預計2022年第四季的數據可能會按季嚴重惡化,但相信按年仍會略有好轉。
該行預計,集團第四季核心本地商業收入將按年增12%至416億元人民幣;營運利潤率為16%。全年營運利潤料289億元人民幣,營運利潤率料18.2%。海通國際維持美團「跑贏大市」評級,目標價228元。
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