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国信证券：维持美团-W买入评级 目标价173-187港元

2024-07-07 17:42:33 浏览:93

国信证券发布研究报告称，维持（03690）“买入”评级，考虑到2022Q4外卖业务恢复节奏较好，上调2022年盈利预测，随着消费恢复，推测其将增加到店酒旅业务的获客投放以取得更大业务规模，目标价173-187港元。公司将于近期发布22Q4业绩报告，该行对其前瞻如下：

该行预计，美团2022Q4将实现营业收入578亿元（同比+17%）。预计实现经调整净利润4亿元；经调整净利润率1%，同比提升9pct，主要系餐饮外卖业务补贴效率提升及新业务持续减亏。考虑基数效应，预计美团到店酒旅业务2023Q2恢复较快增长：预计2022Q4核心本地商业实现收入414亿元（同比+12%）。该行预计餐饮外卖业务22Q4订单数同比+6%，收入也同比+18%，预计12月份恢复较好。此外，22Q4新业务有望实现收入164亿元（同比+31%）。

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