《大行報告》交銀國際下調美團-W(03690.HK)目標價至93元 核心業務地位穩固
交銀國際發表報告指,美團-W(03690.HK)於2月初宣布組織架構調整,集中到店到家兩個核心業務資源,以實現流量和商戶資源加速互通,而創始人繼續把控創新方向,證明了管理層在保持業務穩健發展的基礎上的技術創新戰略繼續堅定。
交銀國際預計,美團今年核心業務仍將維持穩定增長,收入和利潤分別增17%和13%。該行指,行業競爭雖激烈,但到店行業規模空間、外賣業務盈利能力仍然被驗證,管理層穩定。對比電商行業競爭阿里核心品類市佔率下降幅度大,美團重點品類仍有壁壘,低價競爭持續性有待觀察,競爭環境好於電商,以及用戶粘性的提升空間好於電商龍頭平台,因此認為美團估值水平應在阿里或京東和拼多多(8至20倍)之間。
該行預計競爭壓力或在下半年緩釋,明年利潤率有恢復可能性,給與核心業務15倍市盈率,保守原則不考慮新業務估值貢獻,下調美團目標價至93元,維持「買入」評級。
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