《大行報告》瑞信:內地互聯網平臺須承擔更多社會責任 短期或引起投資者憂慮
發改委及13個政府機構上週五(18日)聯合發佈通知,推動面臨困難的服務業復甦。在給予服務業的整體紓緩措施之上,通知提出43項特定支援措施,涵蓋餐飲、零售、旅遊、水陸運輸及航空業。通知指政府將指導餐飲外賣網絡平臺進一步下調向商戶收費標準,及減低相關餐飲企業營運成本,並指導平臺向疫情風險地區商戶減費。
瑞信認爲措施爲政府加快餐飲業疫後復甦,非針對特定外賣或互聯網平臺。美團(03690.HK)過去亦主動支援商戶,包括在2020年新冠疫情初期暫時下調傭金及提供免費流量支援。美團去年5月已調整傭金架構,小型餐廳相對更受惠。然而,該行相信影響股價的威脅短期或持續,基於上述通知欠缺執行細節,難以量化有關影響。縱使美團已持續支援商戶,但進一步減費或意味美團目前實收率有下行空間。惟即使如此,美團仍可透過減少向客戶補貼,以部分地抵銷實收率下降的影響。
該行表示,按共同富裕主旋律,互聯網平臺已主動地參與更多社會責任,投資者曾希望監管逆風今年緩和。該行相信上述通知並非直接針對互聯網平臺,但短期或重新激發投資者對其他潛在支援商戶政策,將損害其他互聯網平臺的憂慮。
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