大行評級丨瑞銀:料美團今年外賣訂單及單位經濟增長穩定,維持“買入”評級
瑞銀表示,與一位在第三方本地服務機構工作的專家進行了調研,其表示美團(3690.HK)第四季度食品配送訂單增長應能穩定在按年升10%,但按季增長有所放緩。展望2025年,專家預計訂單增長將穩定在10%。在市場高預期下,美團當前以2025年預計市盈率18倍交易,瑞銀認爲其股價在業績公佈前可能進入整固階段,以待增長前景、騎手社會保險影響以及海外擴張規模的更清晰信息。短期內,面對具有挑戰性的宏觀環境,該行預計美團將專注於生態系統投資和商戶支持。長期來看,該行持續看好美團在滲透率仍低的本地服務領域的護城河優勢及其穩健的變現潛力,維持“買入”評級,目標價270港元。
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