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大行评级|麦格理:上调美团目标价至157港元 评级“跑赢大市” 首季业绩强劲
格隆汇 06-07 13:14
麦格理发表研报指,美团首季业绩强劲,展示出该公司在本地服务领域的业务韧性及执行能力。随着市场竞争合理化,美团重返领导地位,评级“跑赢大市”,将今明两年EBITDA预测分别上调1%及2%,预期社区团购业务亏损今年将大幅收窄,年内将节省约100亿元的成本,加上公司核心业务利润率稳步扩张,目前预测美团2023至2025年盈利年均复合增长率将达到62%。美团首季核心本地商业收入按年增长27%至550亿元,其中按需配送及到店业务均实现健康增长。麦格理认为,在强大的用户生态系统和服务覆盖范围支持下,可进一步推动付费商户转化,从而促进线上营销服务收入增长,预测今年核心本地商业收入将按年增长19%,将目标价从156港元上调至157港元。
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