《大行報告》招商證券降美團-W(03690.HK)目標價至145元 第四季疲弱掩蓋三季良好表現
招商證券發表報告指,美團-W(03690.HK)第三季收入按年增22%,勝於預期1%,經調整淨利潤57億元人民幣,按年增62%,超過預期8%。核心本地商業收入按年增25%。外送業務第三季單量按年增逾20%,收入增長19%。營運利潤率維持約35%水平。另外,10億美元的股票回購計劃將由12月1日正式生效。
該行稱,美團第四季疲弱掩蓋三季良好表現;預計集團今年第四季集團收入按年增20.8%,其中,外送業務料增18%,到店酒旅業務預料升40%。集團利潤率擴張將會放緩,但保持正增長,經調整經營利潤率預計按年增2.6個百分點。該行又預計,新業務的虧損將維持約50億元人民幣的水平。
該行下調集團2023至25年核心盈利預測各3%、8%、9%,考慮到估值倍數、盈利預測及匯率變動,將目標價由190港元下調至145港元,維持「增持」評級。
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