《大行》里昂降美團(03690.HK)目標價至185元 外賣競爭與全球擴張令利潤率承壓
里昂表示,美團(03690.HK)2025年第一季度業績超出預期,總收入及調整後息稅前利潤按年分別增長18%和62%,達866億元人民幣及112億元人民幣,分別高於該行預估1%和12%。外賣業務持續健康增長,即時購物和到店業務在品類擴張推動下實現強勁增長。所有利潤率均隨着規模擴大而改善,但公司預計2025年第二季度核心本地商務收入增長放緩且利潤按年下降,因其將不惜一切代價應對競爭,同時新業務虧損因全球擴張而增加。
里昂預計美團2025年第二季度總收入按年增長13%,調整後息稅前利潤按年下降21%,其中核心本地商務收入預計按年增長10%,調整後息稅前利潤按年下降12%。該行將美團今明兩年調整後淨利潤預測下調7%及6%,因此將目標價從195港元下調至185港元。評級「跑贏大市」。
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