《大行報告》花旗下調美團(03690.HK)目標價至179元 本季宏觀環境或對外賣增長產生負面影響
花旗發表報告指出,美團(03690.HK)第三季業績大致符合預期,總收入按年增長22%,經調整淨利潤升62%,主要受核心本地商業收入及經營溢利按年增長25%及8%所推動。踏入第四季,新冠疫情擾亂的基數效應影響了外賣(外賣平均訂單金額(AOV)基數高)、美團閃購(雜貨店基數高)、到店/酒店(基數低)及新業務的表現。
外賣業務方面,該行引述美團管理層指出,宏觀環境和線下消費回歸,可能會對外賣訂單量增長產生負面影響,而10及11月份天氣較往常溫暖,導致外賣效率優於典型冬季的表現。管理層預計鑑於去年AOV和長距離訂單的組合較多,今年第四季外賣業務收入按年增長幅度將低於第三季。
該行認為,儘管美團管理層致力透過優化收窄新業務的虧損比率,但有效的商家滲透和服務(如直播、團購和景區門票)均可能對淨利潤構成影響,將其目標價由214元下調至179元,維持「買入」評級。
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