美银证券研究报告指，自淘宝闪购月初推出500亿元人民币(下同)补贴计划后，内地的食品及即时配送市场竞争于上周末急剧升温。美团-W(03690.HK) 与淘宝分别录1.2亿及8,000万单的日订单量纪录，增长主要来自高额补贴。
该行预期竞争至少持续至11月“双十一”促销，而单季投资可能于第三季达至高峰。该行预测美团今年核心本地商业(CLC)经营利润达422亿元，并有120亿元额外预算用于在激烈竞争下防御市场份额；并对美团2025及26年调整后净利润预测分别下调26%及7%。
该行预测美团2025至27年各年收入分别增长16%、15%及14%，经调整净利润分别料322亿、474亿及651亿元；目标价由155港元降至136港元，重申“买入”评级。(ss/da)(港股报价延迟最少十五分钟。沽空资料截至 2025-07-11 16:25。)
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