《大行》里昂升滴滴出行(DIDIY.US)目標價至7美元 料次季EBITA升28%
里昂發表報告指,預期滴滴出行(DIDIY.US)次季移動業務總交易額(GTV)按年增長9%,其中訂單量增加10%,而客單價則按季持平。中國業務經調整EBITA利潤率預計達3.9%,全年則達3.7%;即使監管方可能下調傭金率上限,但該行料對今年全年及中期利潤的提升作用有限。撇除匯率影響,料次季國際業務GTV增長25%左右。隨着國際業務與新業務的投入逐步顯現,預計集團次季經調整EBITA達16.6億元人民幣,按年增加28%。
該行預期滴滴出行於2026年國際市場旗下食品配送業務虧損或擴大至約20億元人民幣,但部分將被乘車與金融科技業務的利潤抵消;將2026及2027年經調整淨利預測分別下調4%及6%,但上調長期GTV與利潤預期。目標價由6.5美元升至7美元,維持「 高度確信跑贏大市」評級。
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