三胎政策出台托育早教服務需求提升 中信建投維持寶寶樹(1761.HK)“增持”評級
5月31日，政治局召開會議宣佈進一步優化生育政策，實施—對夫妻可以生育三個子女政策及配套支持措施，消息一經公佈後，不少母嬰企業股價大漲，作為國內最大的母嬰互聯網平台，寶寶樹(1761.HK)股價一度漲超20％。
6月1日，中信建投證券研究發佈文章指出，寶寶樹是國內母嬰線上社區APP龍頭，2020年寶寶樹孕育APP MAU達到1990萬人，同比增長5.3%，在新生嬰兒家庭的攔截率達到64%，成為最高新生嬰兒攔截率平台，市場份額持續上升。隨着國家政策的不斷鼓勵與傾斜，托育&早教服務的需求有望持續提升，或將成為公司未來探索方向，並維持“增持”的評級。
我國人口總量龐大，近年來人口老齡化程度加深。開放三胎，有利於改善我國人口結構、落實積極應對人口老齡化國家戰略、保持我國人力資源稟賦優勢。開放三胎政策的推出無疑將提振生育氣氛，受此利好，母嬰市場規模預計將持續增長，景氣度日益提升。寶寶樹作為母嬰行業領先企業，備受市場看好。
據尼爾森《2020母嬰消費洞察報吿》，得益於始終貼合用户需求及喜好的產品服務能力及不斷踐行的社會責任與行業價值，寶寶樹已經成為最受年輕父母喜愛的專業母嬰App。比達諮詢的報吿也指出，寶寶樹孕育App在孕育人羣的覆蓋率最高，達70%。
此前國投證券發佈的研報中指出，2020下半年新冠疫情之後，通過對廣吿業務及電商業務全產業鏈價值的開發，寶寶樹主營業務快速增長。其中，寶寶樹積極推動的自助廣吿服務依託寶寶樹大數據平台，能夠覆蓋多種需求場景，讓客户自主選定合適資源及投放時間，能夠精準鎖定月齡、地理位置、城市及設備需求投放，還能夠讓客户自主競價獲得廣吿位，按照點擊收費，獲取更高投放效率，自助廣吿服務模式的三大運營優勢指標強勁，預計2021上半年將表現夯實，成為寶寶樹未來增長的重要催化劑。
國家生育政策的繼續放開，加之國家城鎮化人口的增長，將進一步擴大母嬰市場，長遠利好母嬰產品行業，寶寶樹作為最受年輕用户和高收入用户喜愛的母嬰平台，品牌價值位居母嬰行業第一，增長動力持續升級，未來發展值得期待。
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