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《大行報告》里昂降美團(03690.HK)目標價至182元 料上季收入健康增長
阿思達克 03-15 11:04
里昂發表報告指,美團(03690.HK)去年第四季業績可能面臨更大的利潤率壓力。雖然面臨宏觀環境挑戰,該行仍預計總營收將保持20.6%的健康增長,達到725億元人民幣。經調整EBIT可能增長至25億元人民幣,因更高的補貼和短視頻及直播促銷,導致食品外賣和店內利潤率按年下降。 里昂預計,美團今年總收入將保持18至20%的按年增長,但利潤率壓力仍然很大,今年第一季經調整Ebit可能按年下降5%。不過,一旦直播業務開始變現,利潤率將有所改善。該行略微調整對食品配送業務增長預期,由於對宏觀環境擔憂,下調長期利潤率預測,目標價從205元下調至182元,維持「買入」評級。
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