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《大行》招商證券國際降美團(03690.HK)目標價至177元 維持「增持」評級
阿思達克 05-28 12:00
招商證券國際發表報告,指美團(03690.HK)首季業績超預期1%,核心營業利潤超預期12%,但因外賣補貼及海外虧損擴大等因素,下調美團目標價至177港元(原本212港元),維持「增持」評級。 該行表示,美團收入按年增長 18%(上季20%)至866億元人民幣,超預期1%;調整後營業利潤112億元人民幣,按年增62%,超預期12%,核心營業利潤率13.0%(按年增3.5個百分點)。新業務營業虧損按年縮窄18%至23億元人民幣,略低於預期 2%。經營性現金流按年增69%至101億元人民幣,淨現金1,420億元人民幣。 該行認爲,面對行業競爭加劇,美團宣佈加大補貼鞏固市佔率,令今年每單營業利潤下調至1.2元人民幣(原1.5 元人民幣),也因外賣補貼及海外虧損擴大,下調2025至26財年調整後淨利潤17%、12%。另因於外賣業務預測/估值倍數下調,該行下調美團目標價至177港元。 該行預計今年下半年行業補貼趨於正常化,憑藉執行力、商戶基礎及用戶粘性(會員數持續增長),美團在競爭中仍具優勢,樂觀看待其「重市佔輕短期盈利」策略,看好2026年盈利修復。
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