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研報掘金|招商證券:上調美團目標價至151港元 評級“增持”

招商證券發表報吿指出,美團首季保持穩健的收入增長,按年升25%至730億元,超出預期6%。調整後淨利潤為75億元,按年增長36%,超出預期25%。對於今年第二季美團調整預測後,該行預計集團收入按年增長18%,核心本地商業收入增長16%,主要由美團閃購按年39%的強勁增長和到店酒旅按年22 %的增長驅動,整體即時配送業務收入預計將按年增長14%,推動調整後淨利潤按年增長29%,淨利潤率為12.4%(按年提升1.1個百分點)。

該行看到幾個支持利潤率提升的驅動因素,包括外賣業務的效率提升支持經營利潤增長及單量增長,到店酒旅業務競爭壓力緩解,以及美團優選超預期的減虧速度。該行將美團的目標價由148港元上調至151港元,反映業績超預期及盈利區間前移,評級“增持”,認為首季強勁的業績依然印證美團的競爭壁壘。

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