華泰金融升美團(03690.HK)目標價至299元 料高利潤服務將帶動長期盈利增長
華泰金融近日發表報告,認為美團點評(03690.HK)繼續增強其作為中國最受歡迎生活服務平台的領導地位。美團的餐飲外賣業務從新冠疫情影響中強勁復蘇,認為公司龐大的用戶流量將支撐其成長為更高附加值的生活服務類別。該行認為,美團正通過投資供應鏈能力,開發一個可支撐起長期增長的潛在萬億人民幣的市場。
該行重申對美團「買入」投資評級,對其每股目標價上調29.9%至299元,相當預測2022年市銷率7.6倍,對2020、2021及2022年收入預測提高2.8、3.7及7.6%,以反映美團創新業務的快速發展。
華泰金融表示,美團將繼續擴大商家和用戶覆蓋,增強用戶連接,認為這應能幫助提升外賣業務的單位經濟效益和整體業務利潤率。該行將美團2020年經調整淨利潤預測上調115%,以將盈利能力的提升納入考量,並且相應地將2021年及2022年經調整淨利潤預測各上調8及9%。該行預計美團2020年至2022年收入年復合增長率為30.8%,經調整淨利潤的年復合增長率為90.5%。(wl/u)
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