監管提外賣平臺紓困引發週五美團大跌,機構認爲市場反應過度
2月18日,發改委印發了《關於促進服務業領域困難行業恢復發展的若幹政策》的通知(下稱《通知》)。《通知》表示將引導外賣等互聯網平臺企業進一步下調餐飲業商戶服務費標準,降低相關餐飲企業經營成本。引導互聯網平臺企業對疫情中高風險地區所在的縣級行政區域內的餐飲企業,給予階段性商戶服務費優惠。
外賣平臺即將下調餐飲商家服務費標準的消息一經發布,美團股價在2月18日下午出現了跳水,一度暴跌16%。截至收盤,跌14.86%,報188港元/股,總市值11537億港元,市值蒸發約2013億港元(摺合人民幣1634億元)。
中信證券指出,發改委引導外賣平臺紓困等引發市場對美團政策面的擔憂,但市場擔憂已顯過度,政策層面更不意味着新一輪政策監管,建議理性對待。
中信證券分析師姜婭等在報告中指出,發改委等部門的提法並非有意一刀切要求外賣平臺降費,初衷主要在於幫助商戶在困難時期降低一定的經營成本。2021年上半年以美團爲代表的外賣平臺即對費用收取進行了拆分,美團的基礎服務費率在互聯網行業無論是國內還是全球比較看均已處很低水平。商戶的經營提升對平臺也是一種正面帶動,預計對外賣每單營業利潤影響也較爲有限。
花旗也認爲美團股價的拋售爲反應過度,並視其爲買入機會。花旗分析師Alicia Yap等在報告中指出,文件並非針對美團或餐飲服務,這部分只佔據文件中的一小部分,同時過去兩年包括美團在內的外賣平臺已經採取了很多措施支持商戶。
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