研報掘金|招商證券:長期看電商滲透率提升空間仍廣 首推拼多多
招商證券發佈研報指,2023Q2消費市場持續回暖,電商維持快於社零大盤增長,Q2阿里、京東、拼多多收入增長均高於市場預期;同時居民性價比需求逐步攀升,貨架電商價格競爭有所加劇,平台營銷投放力度加大,部分平台利潤端受到影響,但整體競爭強度可控,疊加經營效率改善及子業務經營向好,各平台經調整淨利潤普遍超預期。拼多多憑藉穩固的性價比優勢領先行業增長,盈利能力仍被市場低估。長期看電商滲透率提升空間仍廣,短期競爭擾動不改長期增長趨勢,性價比消費趨勢下看好高性價比平台的增長韌性,首推拼多多,推薦阿里巴巴、京東、唯品會。
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