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《大行報告》瑞銀:若順豐擴展外賣平台業務將影響美團(03690.HK) 餐館受惠
阿思達克 05-13 10:18
瑞銀發表研究報告,指過去數日多家傳媒報道順豐在其微信小程序內增加外賣派遞服務,提供逾100家餐廳包括Pizza Hut及其他快餐品牌等,該行的分析員認為能否為美團點評(03690.HK)及阿里巴巴(09988.HK)旗下的餓了麼帶來威脅仍屬言之尚早,但倘順豐真的開拓相關業務,相信將為美團及餓了麼帶來影響,但對餐廳來說就是好消息,因為競爭加劑,平台分成料可降低。

順豐自2016年起與麥當勞、KFC、瑞幸咖啡等合作提供即時快遞服務,相關收入去年僅20億元人民幣(下同),並持續快速增長,惟未來數年相信仍是未能盈利,而美團的派餐服務收入則為550億元。該行認為新的外賣服務將是之前服務的延伸,並由同一團隊運作,但主要是針對到會服務而非個人服務,而且需要預先下訂單,其送貨範圍亦相對細,但該行估算順豐的分成比率僅美團及餓了麼的不足一半。

瑞銀指出餓了麼於2017年收購百度外賣,之後外賣市場就成「兩雄爭霸」局面,而美團去年則首次扭虧,雖然滴滴亦嘗試推外賣服務,但對兩家公司而言均不是挑戰。現時該行相信順豐僅針對一部分的外賣市場,而非全面推進,故實際競爭不大,而疫情亦帶動了日用品速遞需求,故認為相關層面上阿里、美團、京東、順豐及其他初創等均會有更激烈的競爭。

該行留意到有餐廳投訴美團及餓了麼的提成比率增加,同時亦要求餐廳獨家在其平台,如有第三個選擇相信可助餐廳減低來自外賣平台壓力,大型餐飲品牌相信將繼續使用其快遞服務,或繼續與順豐合作,故益處不大。

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