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《大行》匯研削美團(03690.HK)目標價至125元 料即時零售競爭持續
阿思達克 08-28 16:12
匯豐研究報告指,美團-W(03690.HK)外賣及即時零售業務的競爭較預期激烈,導致集團次季利潤跌幅大過預期。雖然補貼力度加大,但該行預期集團即時零售的訂單增長將會落後於行業水平,因其首要保留高質量的訂單與用戶。該行將美團2025至27年收入預測下調5至6%,以反映更沉重的補貼負擔。 按業務劃分,該行預期2025年外賣收入將錄得負增長,而到店、酒店及旅遊業務收入增速則放緩至15%,因競爭加劇下商家將廣告預算轉向補貼。該行大幅下調盈利預測,因補貼上升,同時預期外賣業務虧損將於今年第三季觸底,但隨著可能出現潛在的新競爭者,料即時零售領域的競爭或持續。該行對美團目標價由160元下調21.9%至125元,維持「買入」評級。
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