【券商聚焦】华通证券国际：美团-W短期业绩承压但资金实力仍稳健

金吾财讯12-22 10:35

（原标题：【券商聚焦】华通证券国际：美团-W(03690)短期业绩承压但资金实力仍稳健）金吾财讯|华通证券国际发布研报指，美团-W(03690.HK)2025年三季度营收同比增长2%至954.88亿元人民币，但受外卖价格战及补贴加码影响，毛利率降至26.4%，净亏损达186.32亿元人民币。公司核心本地商业收入同比下降2.8%至674亿元，经营亏损141亿元，经营利润率-20.9%。研报指出，...

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href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251222105629a6bf7146&s=b><strong>金吾财讯</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>（原标题：【券商聚焦】华通证券国际：美团-W(03690)短期业绩承压但资金实力仍稳健）金吾财讯|华通证券国际发布研报指，美团-W(03690.HK)2025年三季度营收同比增长2%至954.88亿元人民币，但受外卖价格战及补贴加码影响，毛利率降至26.4%，净亏损达186.32亿元人民币。公司核心本地商业收入同比下降2.8%至674亿元，经营亏损141亿元，经营利润率-20.9%。 研报指出，...</p>\n\n<a 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stable","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"03690":1.97,"MPNGY":1.97,"METmain":0.6,"HMTD.SI":0.6},"content_text":"（原标题：【券商聚焦】华通证券国际：美团-W(03690)短期业绩承压但资金实力仍稳健）金吾财讯|华通证券国际发布研报指，美团-W(03690.HK)2025年三季度营收同比增长2%至954.88亿元人民币，但受外卖价格战及补贴加码影响，毛利率降至26.4%，净亏损达186.32亿元人民币。公司核心本地商业收入同比下降2.8%至674亿元，经营亏损141亿元，经营利润率-20.9%。 研报指出，美团当前面临四重压力：外卖价格战久拖不止、补贴过渡期存在份额与利润双压风险、成本收紧可能损害配送体验、新业务及海外扩张尚在投入期。但公司资产负债表仍稳健，期末持有现金及等价物992.34亿元，短期理财420.54亿元，资本负债比率26.8%。 业务方面，到店及酒旅业务继续承担主要盈利来源，商户数与用户数创新高；新业务收入同比增长15.9%至280亿元，亏损率收窄至4.6%。海外品牌Keeta已在香港实现盈亏平衡，正拓展中东及巴西市场。 财务预测显示，2025年公司营业收入预计为3510.96亿元，营业利润下滑44.3%至151.21亿元，对应2025-2027年PE分别为-29.55、68.62、16.68倍。投资评级为\"持有\"。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; 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