中信建投：微盟集團(02013.HK)SaaS與精準營銷業務協同性增強 上調目標價至26港元
中信建投日前發佈研報，指出預計2021年(02013.HK)SaaS業務內生增速及外延併購均有望加速發展，智慧零售、智慧餐飲等領域市場空間巨大並仍處於發展初期，隨着大客化戰略的深入及更多SaaS客户的拓展，集團SaaS業務與精準營銷業務的協同性將進一步增強。中信建投維持微盟集團“買入”評價，上調目標價至26港元。
中信建投表示，微盟集團正在幫助商家完成DTC品牌直營模式的數字基建，目前中美兩國DTC模式存在巨大差異，美國DTC消費者(直接通過品牌官網進行採購)佔43%。而中國平台電商銷售額佔線上總銷售額比重達85%，DTC消費者仍處於爆發期。
中信建投指出，微盟集團在今年提出大客化、生態化和國際化戰略後，其中在大客户戰略方面進展迅速，預計大客户2020-2021有望保持200%的增速；2019年大客品牌客單價約為20萬，預計3-5年內有望提升到50萬元。智慧零售大客户2020年續費率達95%以上，2020年增購率為43%，進行SaaS升級迭代的佔比為32%。
在生態化戰略方面，微盟集團在2021年將持續深耕微信小程序，同時積極拓展支付寶、小紅書、B站等多個平台，拓展多流量平台助力商户多渠道經營；此外微盟雲將作為公司重要戰略，打造開發者生態，通過打造技術中台，着重生態聚合、協同、賦能，驅動商家&ISV實現雙贏；通過戰略投資併購以拓展業務邊界，着重拓展行業廣度、產品深度、流量拓展及區域擴張，通過公司直投、兼併收購、產業基金等方式實現。
中信建投表示，目前微盟集團在時尚及家居日用行業具有絕對優勢，預計未來兩年在此細分領域的市佔率有望達到50%以上。此外微盟集團將拓展購物中心、生鮮便利、母嬰等垂直新行業，集團管理層預計2020年智慧零售收入將佔SaaS總收入的20%；2021年佔比有望提升至30%，2025年大客收入佔比將做到50%以上。微盟集團擬着重突破100個頭部年GMV破億的商家，升級全鏈路運營能力。微盟集團的SaaS業務將積極拓展拓展更多元的雲服務品類。除了目前的主力商業雲外，包括微站、智營銷在內的營銷雲和包括銷氪在內的銷售雲將是集團未來重點發展目標。
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