《大行報告》美銀:美團(03690.HK)外賣業務前景鞏固 目標價296元
美銀證券發表研究報告指,美團點評(03690.HK)長期目標為每日訂單目標1億宗,其中9,000萬來自外賣業務,1,000萬宗來自雜貨配送。該行表示,假設補貼率從目前約3%降至1.5%,加上廣告貢獻增加,交付效率提升,長遠而言每筆訂單利潤有可能上升至1元人民幣。
報告指,美團8月份的每日訂單量達到創紀錄的3,800萬宗,訂單量按年增幅亦由7月的19%加快至8月初的30%,但考慮到季節性因素和補貼更高才推動銷量增長,相信下半年細分市場業務利潤率將下跌。
美團表示,主要競爭對手「餓了麼」收入增長主要是受惠於阿里(09988.HK)螞蟻科技、支付寶及淘寶產業鏈的變現增長及新增的雜貨配送服務,預期次季交易額可維持穩健,美團並指有信心在所覆蓋2,780個城市保持龍頭地位。
美銀對美團的經營前景看法未有大改變,認為外賣業務前景向好,維持「買入」評級,目標價296元。
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