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华泰料美团(03690.HK)今年外卖业务每单利润可倍升 强劲执行力推动新业务
阿思达克 04-23 12:18
华泰金控近日表报告,指美团(03690.HK)在全国迅速布局社区电商业务,扩大了潜在可触达用户群和可触达市场规模,该行认为美团具有强大的执行能力和遍布全国的代理商网络,这有助於社区电商业务的扩张。同时,公司需要增强基础设施能力,如物流和供应链能力,以在激烈的竞争中超越同业。

鉴於美团对社区电商业务的投资,该行对美团2021年经调整的净利润预测由159亿人民币,下修至亏损89亿人民币,并对美团2020年经调整的净利润预测由290亿下修至109亿人民币.。公司在2021至2023年收入年复合增长率为49%的预测下,该行预计经调整的净利润年复合增长率为117.9%。该行预计每份外卖订单的息税前利润将从2020年的0.3元人民币增加至2021年的0.7元人民币(按年增幅1.33倍)。

华泰金控目维持对美团「买入」评级,下调目标价0.8%至333.9元,料公司2021年外卖业务每单盈利有望增长,指美团正在不断丰富和提高平台外卖供应的种类和质量。预计随着今年第二季增值税带来的不利影响逐渐消退,收入的强劲增长和外卖骑手人工成本的改善有望提高每单盈利。

该行指,美团通过进军社区电商业务为用户提供更丰富的核心服务,这尤其有助於提高用户参与度。该行预计美团新业务和其他业务的收入在2021年至2023年期间实现复合增长率76.4%;美团优选2021年总交易额(GTV)料1,134亿元人民币、料相关亏损或达244亿人民币。

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