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《大行報告》大摩引述美團(03690.HK)料監管調查或未來一至兩個月有結果 另指三領域可提升變現率
阿思達克 09-07 11:55
摩根士丹利發表報告表示,與美團(03690.HK)管理層舉行了投資者會議,公司繼今年第二季度業績穩健後,最新分享了其在不斷變化的監管環境中的最新業務展望,美團管理層指將優先考慮穩健增長,並繼續為其用戶和商家提供社會價值,該行維持對美團「增持」評級及目標價300元。 就反壟斷調查方面,大摩引述美團管理層指表示尚未收到國家市監局的官方通報,預計未來一至兩個月會有結果,具體罰款金額將以公告為準。然而,公司指旗下外賣業務並未受到任何影響,因為它從2021年1月起停止「二選一」。此外,分層服務費結構的引入為商家提供了更好的透明度和靈活性。 在數據保護方面,美團認為內地個人信息保護法(PIPL)對公司業務的影響較小,因為該公司認為用戶來到其平台是為了基於位置的智能推薦和有價值的交易;因此,它認為大多數人仍會選擇加入交易及其位置數據。 美團認為,近期出台的外賣平台責任指引,除了正式勞動關係外,還承認了靈活就業的形式。目前,每天120萬活躍騎手中有35%是職業騎手,但被視為正式關係的職業騎手的百分比(有權獲得社保)尚未由監管機構確定。對於與騎手建立新的勞工關係,美團認為絕大多數騎手會選擇居民社保(包括養老和醫療保險),料每名騎手每年相關支出約數百元人民幣。 大摩引述美團管理層指有潛在領域可提高變現率,第一是下調用戶補貼率(目前為3.5%,未來有進一步降低 1.5-2%的空間);第二是廣告變現提高0.5%;第三是採用分層定價機制將導致整體訂單結構發生變化(更多長途/特殊時間配送訂單),從而導致消費者的混合配送服務費用更高。關於補貼削減,該公司表示,未來一至兩年將優先考慮增長而不是盈利能力,因此大幅下降可能會在兩年後出現。
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