大行評級|交銀國際:維持美團目標價165港元及“買入”評級 美團外賣仍有領先優勢
交銀國際發表研究報吿指,7月5日,美團宣佈實時零售日單量超過1.2億,其中餐飲超1億,美團閃購超2000萬。第三季度初即開啟的補貼戰或帶動日單按年增速達雙位數。同時,美團優選關閉減虧區域可能釋放約30至40億元虧損,補充後續外賣補貼投入。該行認為,即使補貼戰持續至年底,美團仍有機會看到營運利潤持平可能性。該行也認為,補貼戰對用户活躍有益,但外賣品類結構調優,行業補貼回落後黏性仍需觀察,商户、騎手端營運和調度仍是維持市佔核心,美團外賣仍有領先優勢,並有較大概率維持市佔,短期利潤下調不影響長期觀點,股價下行空間有限。該行維持美團目標價165港元及“買入”評級。
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