微盟集團(02013.HK):微盟打造“超級聯盟“平台,異業合作走向深水區,維持“買入”評級,目標價14.65元
機構:西部證券
評級:買入
目標價:14.65元
事件:微盟微商城&智慧零售重磅推出異業私域合作平台“超級聯盟”,為聯盟成員實現精準、高效的流量撮合,幫助聯盟的品牌快速擴容私域用户,並通過異業品牌的福利互換為私域用户運營增值,聯合品牌共建“超級私域流量生態”。
擴容品牌方與用户權益採購方供需互補,精準匹配經營訴求。品牌方通過加入超級聯盟平台,通過發放優惠券以及採購第三方品牌的優惠券以達到為自身引流/喚醒沉睡用户的目的。1)多品牌私域推廣引流:相似用户羣體的商家通過合作,投放方可以精準引流,採購方可以促成店鋪交易;2)會員權益兑換:不同品牌商之間,投放方通過發放優惠券挖掘潛在客户,採購方通過會員積分權益喚醒沉睡用户;3)社羣營銷互動:投放方獲得私域流量,採購方社羣營銷擴大用户活躍度。
微盟營銷玩法再度升級,未來SaaS業務有望進一步實現突破。微盟此次“超級聯盟”平台為微商城&智慧零售推出,向SaaS業務兩大重頭出擊,主打異業私域合作,精準匹配商家訴求,高效解決商家經營難題,縮短合作鏈路,具有較高自主性,是微盟在SaaS業務上又一次創新。我們認為,未來隨着私域電商生態的完善和用户消費習慣的養成,鑑於私域生態的社交屬性,異業資源共享是商户發展的必然趨勢,微盟此次佈局也會進一步促進其SaaS業務的發展。
投資建議:我們預計公司未來三年營收分別為22.75、34.12、51.18億元,EPS分別為-0.16、0.26、0.41億元,公司是電商SaaS龍頭給予公司2021年SaaS業務20倍PS,廣告業務21倍PE,對應目標價14.65 RMB,維持買入評級。
風險提示:SaaS技術研發不及預期;平台方案實施效果不及預期。

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