You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
《大行報告》中金:美團(03690.HK)外賣短期承壓 但長期指引不變
阿思達克 09-25 10:48
中金發表研究報告指,近期組織了美團-W(03690.HK)管理層的非交易性路演,公司回答了市場關心的問題,如到店業務競爭情況、外賣單量增長、優選減虧進展等。該行認為,美團目前股價已充分反映市場的悲觀情緒,公司外送障礙仍高、到店競爭趨穩,基本面未出現較大變化,建議投資者逢低佈局。該行維持對集團的盈測,重申「跑贏行業」評級及目標價184元。 該行提到,如果第四季集團的競爭環境沒有明顯變化,預期集團淡季時的到店營運利潤可望見底回升,長期公司仍維持2025年到店酒旅業務營運利潤35%的指引。另外,公司料外送單量增長因受宏觀經濟及暑期出行影響而短期承壓,惟中長期維持2025年日單量高峰達到1億單的指引不變,該行料日均單量為7,000至8,000萬單的水平,若價格敏感度更高的人群的外賣單量增速不及預期,則公司在此類人群上的補貼亦將減少,帶來單均UE的改善,進而維持外送營運利潤絕對額的穩定。 中金指,優選仍在迭代經營策略,需要更多耐心。公司表示觀察到零售大環境於第二季開始增速明顯放緩,對此優選業務加大了補貼力度搶佔市場份額,此外公司也加大了夏季冷鏈投入,因此公司預計優選第三季虧損可能不會收窄,與第二季按季比基本持平。市場近期對優選業務盈利性質疑較大,公司表示仍在迭代經營策略,希望把握生鮮線上化機遇,實現增長和減虧的平衡。公司表示目前優選已有40%的新客被交叉銷售到了其他品類,主要為外賣和到餐,優選對公司仍有戰略性意義,未來仍會朝著實現獨立盈利的方向經營。
Follow us
Find us on Facebook, Twitter , Instagram, and YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
uSMART
Wealth Growth Made Easy
Open Account