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《大行報告》中金料美團(03690.HK)受順豐試水企業團餐外賣影響有限 不會贏者通吃
阿思達克 05-13 11:50
中金發表報告表示,就順豐控股於4月初上線了外賣平台「豐食」,只是內部試水,但假設公司未來向大眾正式推出該產品,料對美團影響有限,該行維持美團盈利預測、「跑贏行業」評級和目標價110元不變。

該行認為,其目前順豐旗下「豐食」與美團直接競爭有限,豐食專注於企業團餐外賣,而美團和餓了麼主要服務個人消費者。企業團餐市場廣闊,中國烹飪協會數據顯示2019年企業團餐市場佔據整個餐飲市場份額約30%(約為1.3萬億人民幣,基於目標消費者5億至6億人、滲透率50%、250天/年、20元人民幣/餐)。但是目前行業內大部分企業團餐收入來自企業食堂承包,而團餐外賣佔比依然較小(該行估計低於10%)。受「新冠」疫情影響,美團和餓了麼對企業團餐外賣關注度有所提升,但是該行估計訂單量佔比仍較為有限。

中金稱,內地團餐外賣市場內不同的企業各有優勢,料將不會「贏者通吃」,並認為順豐與美團、餓了麼、達達一樣同是同城即時配送物流市場的有力競爭者。憑借其全職騎手,順豐在部分主要城市具備高質量配送服務,但順豐豐食在餐館覆蓋方面(尤其是品牌餐館)則較為落後。憑借其綜合產品(包括到店、外賣、餐館管理系統),美團與品牌餐館在過去已經實現了較為深度的合作。考慮豐食主要服務企業客戶,該行認為美團目前的消費者心智優勢在競爭中的作用較為有限。

但該行指,同時這也表明,企業團餐外賣市場很難被少數幾家公司吃下:任何具備區域即時配送能力的公司將有機會在區域內取得較好的表現。(wl/a) ~

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