《大行報告》高盛:美團-W(03690.HK)上季核心盈利勝預期 評級「買入」
高盛發表研究報告指,在覈心本地業務帶動下,美團-W(03690.HK)第三季核心盈利超出預期,息稅前利潤增長至93億元人民幣,當中主要是受到7月至8月本地服務回升及外賣與到店業務盈利好於預期的推動,以及補貼水平及經營槓桿的下降。
然而隨着9月份疫情形勢惡化,美團管理層對第四季預測變得較爲溫和,預期到店業務第四季收入將按年下跌十數個百分點;食品配送業務表現較具韌性,但訂單量增幅於10月至11月亦放緩至中單位數。
公司仍然憧憬在成本效率持續提高,以及新業務虧損收窄下,第四季可實現有意義的核心經營利潤增長及利潤率改善。
計及第三季業績,高盛預期美團可提前實現2022財年經營目標,EBITDA達到盈虧平衡,但由於經營表現較預期弱,依然保持2022年收入預測不變,淨利潤料達19億元人民幣,並預測第四季度外賣訂單量將按年升4%,維持明年下半年防疫措施鬆綁後可錄得強勁反彈,目標價由235元降至216元,並維持「買入」評級。
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