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《大行》美銀證券降美團(03690.HK)目標價至155元 短期增長和利潤率因競爭加劇而承壓
阿思達克 05-27 16:15
美銀證券發表報告,指美團(03690.HK)2025年第一季度表現穩健,收入和淨利均超出市場預期。外賣和即時訂單按年增長低十位數(low teens)百分比,而到店和酒店業務的交易總額增長超過30%。每筆外賣訂單的平均營運利潤和到店業務的利潤率也按年改善,顯示核心業務強勁的勢頭。然而,第二季度的激烈競爭打斷了健康的增長趨勢,美團表示,爲穩定市場份額和爭奪消費者長期心智份額而增加支出,短期內增長放緩且盈利能力受抑。除了消費者端的投資外,公司還承諾加大力度支持商戶的高質量增長和改善騎手福利,啓動爲期三年的1,000億元人民幣生態系統升級計劃。除了國內投資外,中東的海外擴張進展好於預期,公司並計劃以10億美元的新預算進軍巴西。 美銀證券將美團2025至2026年預計收入和調整後淨利潤分別下調1%至3%和8%至15%,以反映第一季度實際業績以及自4月以來即時配送板塊競爭急劇加劇所帶來的增量支出。該行現預測公司2025年收入增長14%,調整後淨利潤爲436億元人民幣。目標價從180港元下調至155港元。重申「買入」評級,主要是基於其核心本地商務的強大競爭力、在激烈競爭中的穩健執行力、海外擴張的增長潛力,以及線下消費刺激的潛在催化劑。
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