瑞信:微信小商店商户長期會成長為微盟(02013.HK)客户 維持“買入”評級
瑞信今日發佈研報,稱騰訊微信小商店於6月19日推出內部測試,具有便利的開店、免費使用和直播電商功能。鑑於以基本功能為主,微信小商店更適合長尾商户,長期來看此類商户可能會成長為微盟客户。
瑞信表示,騰訊小商店是為長尾商家提供的一種工具。在6月19日,騰訊推出了內部測試微信小商店,在微信平台邀請商家。微信小商店是一個一鍵建店和產品銷售的小程序,沒有必要進一步發展。微信小店於2014年推出,包括商品、訂單和貨架管理、消費者權益保護等,我們看到它的主要新功能包括直播和財務管理。憑藉更好的功能和免費,希望微信小商店商店能做好定位,抓住電商直播流量,吸引更多的長尾商家設立小程序。
根據調查顯示,騰訊微信小商店對微盟集團(02013.HK)近期影響有限,微盟集團主要為中小型企業中的頭部商户提供服務,其SaaS解決方案提供了更可視化的店面建設模塊、營銷推廣插件以及數據分析和報告工具,更適合這些商户的多樣化需求;此外,微盟集團正在擴大KA商户份額,其銷售團隊和服務系統也是支持商家獲取、留存和激活客户的關鍵,這需要時間和資源為各種垂直市場建立和定製。
目前現有的微盟集團客户切換成本較高。瑞信認為微信小商店的推出可能會對小型第三方SaaS提供商(客户年費低於1000元人民幣)產生更直接的影響,原因是功能與客户重疊,而不是像微盟集團這樣的龍頭提供商。
瑞信研報稱,相信微盟仍然是市場領導者,依靠電商平台的長期增長,瑞信看到股票回調提供了一個更好的切入點,積極的催化劑包括1H20業績、國慶節/雙11購物節以及潛在的併購,瑞信繼續維持對微盟集團超出預期的評級,目標價10.6港元不變。
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