金吾财讯 | 东方证券发研报指，美团(03690)24Q3营收936亿元(yoy+22.4%)彭博一致预期为920亿元。利润端，24Q3调整后营业利润136亿元(彭博一致预期为112亿元)，营业利润率为14.5%(23Q3为6.5%，24Q2为16.9%)。调整后净利润128亿元(彭博一致预期为118亿元)，净利润率为13.7%(23Q3为7.5%，24Q2为16.5%)。该行续指，核心本地商业：收入利润均超预期。24Q3营收694亿元(yoy+20.2%)，彭博一致预期为683亿元；调整后经营利润146亿元，彭博一致预期为129亿元；经营利润率21.0%，yoy+3.5pp，qoq-4.1pp。该行表示，考虑到宏观经济环境下美团业务韧性，核心本地商业协同效应有望释放，新业务进展良好，该行上调公司24-26年每股收益6.42/7.65/9.26元(原预测24-26年每股收益6.15/7.43/8.21元)，采取分部估值，给予外卖业务5.0xPS，预计24年收入1670亿CNY；给予到店及酒旅17.6xPE，预计24年实现税后利润181亿CNY；新业务只考虑社区团购估值，维持0.6xP/GMV，预计24年GMV903亿CNY，公司合理估值为13,130亿HKD，目标价215.76元HKD，维持“买入”评级。
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