大行評級|招銀國際:次季電商GMV表現有望超預期 維持拼多多、阿里、京東“買入”評級
招銀國際發表報吿指,據國家統計局,首5個月網上零售額和實物商品網上零售額達5.8萬億元和4.8萬億元,按年增長12.4%和11.5 %,對應兩年複合平均增長為13.1%和11.6%,網上零售額增速持續超過實物商品網上零售額增長。報吿指,單5月份實物商品網上零售額增速12.9%,按月進一步加速,較高基數下穩健增長趨勢延續且好於市場預期,直播電商及即時零售持續滲透、購物體驗提升下消費者購買習慣持續向線上遷移或為主要支撐。該行認為,電商平台圍繞高頻及核心會員用户展開補貼和驅動用户體驗提升的投資有望支撐高效增長,基於較為穩定的利潤水平提升股東回報或有望為估值水平提供支撐,而未來消費復甦或有望支撐更進一步的估值重估。該行維持拼多多、阿里、京東的“買入”評級。
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