【券商聚焦】华安证券维持美团(03690)“买入”评级建议关注关注AI赋能有望同时提升体验和提高效率

金吾财讯

Feb 28, 2025

金吾财讯 | 华安证券发研报指，美团(03690)公司2021年9月战略升级为“零售+科技”，将科技能力深度融入本地生活服务与零售业务，用科技连接人与商品和服务。重点布局即时零售、智慧供应链及无人配送等领域。该行认为，结合公司长期战略，在DeepSeek在国内大模型效率及成本方面引领突破的背景下，AI大模型对公司的赋能值得关注。该行指，B端，美团自2016年起加速布局餐饮SaaS，并复用到其他本地服务行业类目，为商户从管理、营销、供应链等众多方面提供全链路解决方案，即时零售领域布局牵牛花SaaS中台。C端，复盘DoorDash，AI在外卖领域可从个性化推荐、服务流程保障、客服等方面提升客户体验。技术储备方面，美团战略升级为“科技+零售”，即时零售、智慧供应链、无人配送生态齐头并进。该行维持公司2024-2026年营业收入预测3367/3857/4352亿元，增速分别为22%、15%及13%；维持经调整净利润预测423/522/708亿元，增速分别为82%、23%及36%。该行长期看好美团的经营、组织和业务壁垒，看好其“极致执行”的组织在零售领域的长期探索，并建议关注其在“零售+科技”的长期战略下AI对业务的全面赋能，维持“买入”评级。

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