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研報掘金|招商證券:上調美團目標價至212港元 第三季業績超預期且增長前景穩健

招商證券發表研報指,美團業績繼續超出市場預期,增長前景穩健。第三季收入表現強勁,按年增長22%,較市場預期高2%;經調整淨利潤更增長124%,較市場預期高出10%,主要來自於核心本地商業業務利潤率好過預期,以及新業務減虧幅度較大的推動,維持“增持”評級。

展望未來,該行預測美團第四季收入將按年增長19%,核心本地商業收入料增長18%,主要來自於到店酒旅業務增長約25%,以及到家業務增長17%的驅動。該行目前預計美團第四季經調整淨利潤將按年增長101%,經調整淨利潤率達10%,按年提升4個百分點。至於未來幾年,該行預計2025及2026財年集團收入將分別增長18%及16%,經調整淨利潤料增長31%及22%,將目標價從157港元上調至212港元。

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