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《大行报告》美银:美团(03690.HK)外卖业务前景巩固 目标价296元
阿思达克 09-01 14:20
美银证券发表研究报告指,美团点评(03690.HK)长期目标为每日订单目标1亿宗,其中9,000万来自外卖业务,1,000万宗来自杂货配送。该行表示,假设补贴率从目前约3%降至1.5%,加上广告贡献增加,交付效率提升,长远而言每笔订单利润有可能上升至1元人民币。

报告指,美团8月份的每日订单量达到创纪录的3,800万宗,订单量按年增幅亦由7月的19%加快至8月初的30%,但考虑到季节性因素和补贴更高才推动销量增长,相信下半年细分市场业务利润率将下跌。

美团表示,主要竞争对手「饿了麽」收入增长主要是受惠於阿里(09988.HK)蚂蚁科技、支付宝及淘宝产业链的变现增长及新增的杂货配送服务,预期次季交易额可维持稳健,美团并指有信心在所覆盖2,780个城市保持龙头地位。

美银对美团的经营前景看法未有大改变,认为外卖业务前景向好,维持「买入」评级,目标价296元。

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