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《大行》華泰證券降美團(03690.HK)目標價至142.4元 首季收入略超預期
阿思達克 05-28 09:34
華泰證券發表報告指,美團(03690.HK)首季收入866億元人民幣(下同),按年增18%,超過市場預期1%,經營利潤106億元,超過市場預期23%,經調整淨利潤109億元,超過市場預期11%。美團利潤釋放超預期,經營槓桿的改善超過海外投入的增加。國內外賣市場自第二季開始補貼競爭,短期內因補貼投入加大,或對於公司外賣業務利潤有影響。 該行認為中長期補貼競爭不可持續,美團憑借多年積累的高效配送網絡、領先的品類豐富度、持續優化的營運能力,有效鞏固其市場競爭地位,且管理層業績會中表示會直面競爭,長期來看,盈利能力仍將回到合理區間。維持「買入」評級。目標價由192.4港元降到142.4港元。 該行預測美團2025至2027年收入為3,859億、4,580億及5,267億元,較前值下調2.4%、上調0.2%及上調0.5%,2025年主要因考慮到外賣競爭影響,出於謹慎小幅下調收入。經調整淨利潤預測405億、553億及703億元,較前值下調各18.8%、6.3%與0.3%,主要考慮外賣短期競爭影響需要補貼投入,2026及2027年下調幅度縮小,主因長期盈利能力將回到合理區間。
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