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《大行報告》野村下調美團(03690.HK)目標價至184元 評級「買入」
阿思達克 05-30 10:19
野村發表研究報告指,美團(03690.HK)首季總收入按年增27%至590億元人民幣,較預期高2%;非通用會計準則營運利潤按年改善15個百分點至7%。 該行表示,仍然認為美團的食物外送業務的得到用戶份額和廣泛覆蓋的交付網絡的支持。由於進入門檻較低,店內競爭值得密切關注。另外,在面向商家和客戶推出的一系列促銷活動的支持下,美團的到店業務可能正在獲得發展勢頭。由於集團增加投資,該行預計,其第二季店內營業利潤率將從一年前的46%降至30%。在食物外送業務收入按年增長30%的情況下,可能在第二季保持每張訂單1.36元的效益。 該行分別下調集團2023財年的收入及每股盈測4%和2.5%,主要是由於下調食物外送業務的收入預測至按年增長27%,及上調其新業務的虧損預測。該行重申集團的「買入」評級,目標價由200元下調至184元。
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