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《大行報告》美銀證券上調美團-W(03690.HK)目標價至189元 評級「買入」
阿思達克 05-29 10:04
美銀證券發表報告指出,由於內地線下服務消費較實體商品繼續呈現更快的增長趨勢,美團-W(03690.HK)首季核心業務收入增長穩固,按年增長25%,核心經營利潤率擴大至22%。該行相信美團將繼續受惠於更好的線下復甦趨勢,並對其核心本地業務收入按年增長預測由24%上調至27%,食品外賣業務增長預測由20%上調至23%,到店/旅遊業務增長預測亦由30%上調至35%。 此外,該行認為在抖音的競爭下,美團正加大對到店業務的投資。該行將美團第二季及全年的到店經營利潤率小幅下調至分別32%及37%,同時認為公司強勁的收入增長和更好的食品外賣業務經營利潤提供足夠的空間,以抵銷對到店市場的更高投資。 該行對美團今明兩年的每股盈利預測各上調11%及9%,認為外賣業務利潤率較高,足以抵銷到店業務的增量支出。對其目標價由185元上調至189元,重申「買入」評級。
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