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財報速讀 | 即時零售爆發,業績全面超預期,是時候重新審視美團了?

11月25日,美團公佈了最新季度業績,Q3營收和淨利潤全面超預期。

Q3營收626.2億元,同比增長28.2%,小幅超市場預期2.4億。利潤讓人驚豔,Q3淨利潤12.2億,同比扭虧爲盈,市場預期虧損9.9億元。調整後淨利潤35.3億,上年同期虧損55.3億,市場預期是8.4億。

在連續兩個季度收入增速下降後,Q3明顯加速,大有觸底回升的意思,主要是核心本地商業業務保持了韌性。這裏提一下,從Q2開始,美團採用了全新的業務劃分方式,包括核心本地商業和新業務兩大板塊,前者包括外賣、到店、酒旅、閃購、交通票務等。

一方面餐飲外賣的基本盤穩住了,另一方面值得一提的是即配物流業務發力,美團從餐飲外賣擴展到了生鮮、鮮花、買藥、食品、雜貨、3C等品類,儼然成了一家“生活超市”。Q3即配物流收入首次突破200億,增速30%+,佔總收入的比重進一步提高到32.1%,且保持着非常快的增長和減虧速度。

即配業務的爆發也讓美團嚐到了規模效應的果實,在連續虧了7個季度後,又開始盈利了。

但是看似亮眼的財報後,市場仍然有一些擔憂。

首先是疫情對基本盤的影響,在電話會上,美團表示10月不少地區新冠疫情反覆,這一趨勢在11月還在持續,受此影響公司本地業務四季度可能遭受更大影響。

其次是本地生活業務面臨抖音和快手的挑戰。美團表示,公司的到店業務爲用戶和商家提供了差異化的價值,不少平臺的本地業務增長較快,也有不少平臺通過折扣刺激消費者需求,很多時候他們也依賴這類方式獲得流量,很多玩家進入外賣市場對行業是好事,這意味着蛋糕會越做越大。

最後是騰訊“清倉式派息減持”,騰訊的大股東Prosus也表示收到美團股票後可能會進行出售。自從11月16日騰訊公佈這一決定後,美團股價累計跌了15%。

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