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野村:內地互聯網業基本面穩健 拓展海外為明年增長推動力
野村中國互聯網及新媒體研究部主管史家龍表示,即使內地大多行業表現疲軟,其中內地互聯網行業面對宏觀逆風因素影響,但整體表現仍保持穩健,尤其於第三季業績突顯,認為其基本面給予投資者信心,並從大型企業可見,其資產負債表健康、淨現金流強勁、及致力控制成本開支。 他表示,今年電商業務競爭激烈,以美團(03690.HK)及抖音為例,其市場競爭由5月份起持續至今,即使美團仍能保持其地位,但推出更多針對提高競爭力的措施,令其毛利率受壓,他坦言市場持靜觀態度,等待管理層未來部署。 他解釋,由於近兩年直播業務增長放緩,令抖音不得加快擴展其電商業務,但礙於多間龍頭企業已有一定的市場佔有率,令抖音需花費更多時間和精力,相信抖音最終亦能於該市場佔一席位。 他表示,近年多間大型龍頭企業均尋找拓展海外市場的機會,例如拼多多(PDD.US)發展具韌性,故預料這將會成為推進該行業明年增長的關鍵因素,相反人工智能效應需時呈現。(ca/k) ~
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