《大行》招銀國際:美團(03690.HK)外賣業務短期能見度較低 目標價下調至181.6元
招銀國際發表報告,指美團-W(03690.HK)首季收入按年升18%,高於該行及市場預期各1%;經調整淨利潤按年升46%,高於該行及市場預測分別12%及和13%。核心本地商業經營溢利亦高於市場預期10%,該行認爲主要受惠外賣業務經營溢利超預期,基於用戶補貼優化。
該行指,由於外賣業務競爭加劇,行業參與者正投入更多資源加速即時零售業務,美團犧牲短期盈利能力以增強用戶黏性,以順應行業滲透加速的趨勢。美團亦繼續國際擴張,推動長期收入和盈利增長。該行對美團外賣競爭優勢保持樂觀,並認爲行業競爭應在適當時候迴歸理性,但短期能見度較低。
該行下調對美團今年至2027年收入預測介乎1%至2%,經調整淨利潤預測則降介乎11%至21%,目標價由200.2元下調至181.6元,維持「買入」評級。
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