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大摩:微盟集团(02013.HK)业务进展向好 维持目标价25港元
格隆汇 05-12 15:52

大摩近日针对微盟集团(02013.HK)发布研报,指出微盟集团年初至今运营情况良好,全年业绩指引不变。管理层对电商SaaS行业的前景充满信心,预期微盟将保持在智慧零售业务的优势。维持买入评级,目标价为25港元。

大摩指出,微盟集团2021年一季度业绩增长强劲:在基于新的收入分类下,2021年一季度订阅解决方案收入(包括海鼎)同比增长100%(全年收入指引增长70%),一季度付费商户数量同比增长21.9%,年化流失率从20年的26%优化至17.2%(由一季度4.3%推算)。商家解决方案收入增速大于50%,与全年指引保持一致。

2021年微盟集团一季度智慧零售新签超过100个品牌商家,预计全年新签400家以上的品牌商家,智慧零售品牌客户总数达到1000家。品牌商家ARPU有望超过30万人民币,智慧零售整体留存率将保持在80%以上,其中品牌客户留存率约90%。

大摩认为,微盟集团智慧零售业务优势明显,正在扩大的KA客户基础以及不断迭代升级后成熟的产品将推动微盟集团夯实大客化战略和提升运营指标。微盟集团认为拥有先发优势;同时也会更为审慎的选择客户,这也是客户留存率表现良好的原因之一。

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