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《大行報告》大和下調美團(03690.HK)目標價至205元 評級「買入」
阿思達克 05-11 10:15
大和發表研究報告指,美團(03690.HK)提供低佣金和回扣以抵禦競爭,並擁有優於同行的推薦演算法。該行表示,4月份抖音外賣的規模較小,主要服務於高價項目的大型餐廳。對於到店、酒店和旅遊,由於自2月以來的強勁復甦,該行預計第一季GTV將按年增長50%,又預計新項目虧損將從2022年第四季的64億元人民幣下降至2023年首季的56億元人民幣。該行預期今年到店、酒店和旅遊GTV按年增長38%。不過,在農曆新年後,抖音的店內GMV增長放緩,因為它面臨著美團較低的佣金率和對大商家的營銷回贈的日益激烈的競爭。 該行認為,美團的低佣金率和返利率可能會持續到今年剩餘時間,又預計美團於該業務的營運利潤率將從2022年的46%下降至今年的37%,原因包括特別在低線城市中更高的營銷費用以與抖音競爭;更高的酒店組合,而利潤率更低。 該行下調集團2023財年的盈測7%,是由於較低的店內業務的佣金和營銷美元回扣較低,以及其他新舉措的虧損較高。該行重申其「買入」評級,目標價由250元下調至205元。
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