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《大行》建銀國際降美團(03690.HK)目標價至157.4元 防禦措施短期內對外賣業務構成壓力
建銀國際報告指,美團(03690.HK)2025年第一季度業績超出預期。自新進入者京東(09618.HK)於4月掀起價格戰以來,投資者一直關注美團的外賣策略。在財報電話會議上,管理層承諾將採取一切必要措施扞衛市場份額。管理層警告,2025年第二季度核心本地商務收入增長可能放緩,經營利潤將顯着下降。監於競爭加劇及美團扞衛市場份額的決心,該行預計短期內高額補貼和銷售與市場推廣投入將對外賣收入和單位經濟效益造成壓力,儘管該行認爲長期價格戰不太可能持續。 考慮到補貼侵蝕收入、中東Keeta投資增加以及巴西擴張,該行將2025年、2026年及2027年收入預測分別下調3%、4%,3%,盈利預測分別下調28%、31%及22%。目標價從199港元下調至157.4港元。儘管短期內面臨挑戰,該行對美團在本地服務領域的領導地位仍持樂觀態度。隨着時間推移,競爭將更趨理性,海外業務也將開始產生回報。儘管更激烈的競爭格局對短期股價表現有影響,該行仍維持「跑贏大市」評級。
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