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大行評級|麥格理:上調美團目標價至157港元 評級“跑贏大市” 首季業績強勁
格隆匯 06-07 13:14
麥格理髮表研報指,美團首季業績強勁,展示出該公司在本地服務領域的業務韌性及執行能力。隨着市場競爭合理化,美團重返領導地位,評級“跑贏大市”,將今明兩年EBITDA預測分別上調1%及2%,預期社區團購業務虧損今年將大幅收窄,年內將節省約100億元的成本,加上公司核心業務利潤率穩步擴張,目前預測美團2023至2025年盈利年均複合增長率將達到62%。美團首季核心本地商業收入按年增長27%至550億元,其中按需配送及到店業務均實現健康增長。麥格理認為,在強大的用户生態系統和服務覆蓋範圍支持下,可進一步推動付費商户轉化,從而促進線上營銷服務收入增長,預測今年核心本地商業收入將按年增長19%,將目標價從156港元上調至157港元。
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