《大行報告》瑞信:美團-W(03690.HK)第三季業績勝預期 封控令第四季前景承壓
瑞信發表報告指,美團-W(03690.HK)第三季度收入按年增長28%,符合市場預期,受外賣及到店業務利潤率所帶動,調整後經營利潤達到近26億元人民幣,對比去年同期錄得經營虧損。
該行指美團第三季外賣訂單量增長14%略低於預期,瑞信指出主要是由於9月份國內疫情形勢惡化所導致,由於用戶補貼減少,收入增長27%,大大超過訂單量增長,平均訂單價值(AoV)則按年基本持平。
瑞信指,期內到店、酒店和旅遊業務亦在9月份受到疫情變化的影響,預期效果廣告的需求需要一段時間才能恢復。至於新業務第三季收入則增長19%,當中美團優選及買菜的虧損增加,抵銷了其他業務的增長。
該行指出,疫情的影響預期將延續至第四季度,關注外送業務訂單量或保持彈性,料按年增長6%,而實體店表現將受到更大的影響,新業務的虧損亦需要一定時間來收窄,表現略微令人失望。
瑞信將美團今年全年經調整淨利潤預測,由10億元人民幣提升至30億元人民幣,大致保持2023至2024年預測不變,並維持美團「跑贏大市」評級及目標價275元。
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