大摩:微盟集團(02013.HK)業務進展向好 維持目標價25港元
大摩近日針對微盟集團(02013.HK)發佈研報,指出微盟集團年初至今運營情況良好,全年業績指引不變。管理層對電商SaaS行業的前景充滿信心,預期微盟將保持在智慧零售業務的優勢。維持買入評級,目標價為25港元。
大摩指出,微盟集團2021年一季度業績增長強勁:在基於新的收入分類下,2021年一季度訂閲解決方案收入(包括海鼎)同比增長100%(全年收入指引增長70%),一季度付費商户數量同比增長21.9%,年化流失率從20年的26%優化至17.2%(由一季度4.3%推算)。商家解決方案收入增速大於50%,與全年指引保持一致。
2021年微盟集團一季度智慧零售新籤超過100個品牌商家,預計全年新籤400家以上的品牌商家,智慧零售品牌客户總數達到1000家。品牌商家ARPU有望超過30萬人民幣,智慧零售整體留存率將保持在80%以上,其中品牌客户留存率約90%。
大摩認為,微盟集團智慧零售業務優勢明顯,正在擴大的KA客户基礎以及不斷迭代升級後成熟的產品將推動微盟集團夯實大客化戰略和提升運營指標。微盟集團認為擁有先發優勢;同時也會更為審慎的選擇客户,這也是客户留存率表現良好的原因之一。
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