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《大行》匯豐研究列出對美團(03690.HK)第二季至第四季外賣收入及每訂單營運溢利預測(表)
美團-W(03690.HK)首季非國際財務準則經調整溢利按年升46.2%勝預期,但公司CEO王興指美團將不惜代價贏得競爭,預計2025年第二季度核心本地商業收入的增長率會低於去年同期,營業利潤率按年大幅下降,無法預計行業內的非理性競爭會持續多久,但相信美團能夠捍衛和鞏固自身地位。 匯豐環球研究發表報告,餐飲外賣業務行業競爭加刻,對其盈利前景造成壓力,而該行列出美團2025年第二季至第四季餐飲外賣業務收入、營運溢利、每訂單營運溢利預測: 分項│今年第一季│今年第二季預測│今年第三季預測│今年第四季預測 外賣業務收入│413.25億元│424.37億元│492.19億元│458.47億元 -按年變幅│+14%│+5%│+5%│+6% 外賣業務日均訂單量│5,750萬單│6,460萬單│7,320萬單│6,850萬單 -按年變幅│+10%│+10%│+10%│+10% 外賣業務營運溢利│77.33億元│80.69億元│74.11億元│66.73億元 -按年變幅│+39%│-20%│-18%│-14% 外賣每訂單溢利(OP/order)│1.5元│1.4元│1.1元│1.1元 -按年變幅│+27%│-27%│-25%│-22% 以上貨幣單位均為人民幣 ------------------------------------------ 分項│2025年預測│2026年預測 外賣業務收入│1,788.27億元│1,938.75億元 -按年變幅│+7%│+8% 外賣業務日均訂單量│6,600萬單│7,060萬單 -按年變幅│+10%│+7% 外賣業務營運溢利│298.86億元│364.05億元 -按年變幅│-8%│+22%│ 外賣每訂單溢利│1.2元│1.4元 -按年變幅│-16%│+14% 以上貨幣單位均為人民幣
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