《大行報告》海通國際降美團(03690.HK)目標價至160元 第四季面臨壓力但長期目標不變
海通國際發表研究報告指,美團(03690.HK)第三季收入按年增22%至765億元人民幣,符合預期;經調整淨利潤為57億元人民幣,高於預期8%;核心收入略勝於指引;營運利潤符合預期。就利潤率而言,該行估計,第三季每筆訂單的營運成本較去年同期有所改善。第四季訂單增長或超過第三季度,但收入或因去年同期增值稅減免、平均訂單價值基數較高等因素影響。管理層對其長期訂單量目標則保持不變。
該行表示,由於美團計劃增加更多業務拓展人員,與抖音競爭,而且競爭對手最近更換管理層,意味預算將會擴大,因此預計店內利潤率將按季下跌,料第四季營業利潤為77億元人民幣,按年增6.3%,利潤率為14.1%。
該行指,集團於第四季仍然面對阻力,但相信10億美元回購計劃可以回報股東,繼續看好,維持其「跑贏大市」評級,目標價下調至160元。
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