《大行》大和降美團(03690.HK)目標價至200元 競爭加劇
大和發表報告指,美團-W(03690.HK)2025年第一季度收入基本符合市場預估,而外賣業務的經營利潤率超出市場預期。該行認為,2025年外賣市場的競爭格局將更具挑戰性,因競爭對手正通過提供高額補貼加緊搶奪市場份額。大和認為,這種激烈競爭不可持續,但短期內將對外賣市場的增長前景和利潤率造成下行壓力。
大和將美團2025至2027年各年預計每股盈利預測下調3%至15%,因考慮到外賣利潤率降低及Keeta投資增加。該行重申美團「買入」評級,但目標價由235元下調至200元。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.