摩根大通发表研究报告指，内地政府释出限制外卖补贴战的信号，引发投资者对美团(03690.HK) 前景的讨论。该行认为，监管催化因素确实存在，但长期的外卖利润池存在高度不确定性，目前美团的股价未提供足够安全边际。该行现予目标价85元，维持“中性”评级。报告提到，市场目前正以市场份额来判断美团的前景，但该行深入分析后发现，市场份额与盈利并非成正比，甚至为反比。美团的外卖盈利能力主要取决于订单质素而非...
Source Link摩根大通发表研究报告指，内地政府释出限制外卖补贴战的信号，引发投资者对美团(03690.HK) 前景的讨论。该行认为，监管催化因素确实存在，但长期的外卖利润池存在高度不确定性，目前美团的股价未提供足够安全边际。该行现予目标价85元，维持“中性”评级。报告提到，市场目前正以市场份额来判断美团的前景，但该行深入分析后发现，市场份额与盈利并非成正比，甚至为反比。美团的外卖盈利能力主要取决于订单质素而非...
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