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《大行》花旗降美團(03690.HK)目標價至192元 決心通過加大外賣投資贏得市場份額
阿思達克 05-27 10:18
花旗表示,雖然美團-w(03690.HK)2025年第一季度業績超出預期,核心本地商務經營利潤表現優異且新業務虧損收窄,但在競爭加劇的背景下,管理層預計2025年第二季度核心本地商務收入增長將較第一季度放緩,且因承諾通過反向收入補貼和更高銷售與市場推廣費用捍衛市場份額,核心本地商務經營利潤將按年顯著下降。管理層對贏得市場份額表現自信,基於其過往記錄和累積的營運經驗。 保險和養老金覆蓋的實施按計劃推進,但對騎手成本和用戶體驗的影響似乎有限。在沙地阿拉伯成功擴張後,美團管理層確認Keeta將於2025年內準備在巴西推出,這將進一步拖累集團利潤增長。鑑於競爭因素和補貼與投資的動態變化,管理層表示難以預測利潤影響。在修訂預測後,該將美團目標價從204港元下調至192港元。基於穩健的執行力,維持「買入」評級。
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