大行評級 | 中金:美團到店酒旅業務快速復甦,維持目標226港元
格隆匯4月6日丨中金髮表研報指,美團(3690.HK)春節後線下流量穩步復甦,在尚未推出補貼等應對競爭的措施前,到店酒旅業務在1月、2月和3月前三週的總交易額(GTV)同比分別增長25%、40%和75%,市佔率止跌回升。該行維持“跑贏行業”評級和盈利預測不變,並維持目標價226港元。報吿指,美團計劃於第二季推出更多商户和用户激勵措施以應對行業競爭,包括對部分核心商户提供階梯式返傭以及加大對用户的補貼,認為隨着線下流量恢復、美團在供給端價格與抖音拉平、重新教育用户後,美團的市佔率有望穩步修復。報吿提到,由於競爭加劇,美團將2025年到店酒旅經營利潤率從40%下降至35%,認為公司2022至2025年到店業務的收入和利潤均保持年複合增長率25%,轉變為收入高於25%增速,而利潤前期低於25%,但後續收入的增速有望彌補利潤率的差異。該股現報132.7港元,總市值8218億港元。
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