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研報掘金|中金:預計第二季主要貨架電商平台GMV表現或超出預期
格隆匯 06-20 15:55

中金髮表報吿指,內地今年618購物節落幕,今年以來電商保持韌性,除京東外各平台不再披露618表現。首五個月線上實物商品零售總額按年增長11.5%至4.8萬億元,增速顯著跑贏社會零售商品總額,主要得益於電商平台更加聚焦消費者,積極調整自身策略以迎合用户選擇,在價格力、用户體驗和服務上競爭力進一步增強。該行判斷第二季主要貨架電商平台GMV表現或超出預期。

該行指,內容電商流量和GMV增長趨緩、渠道增量變少後,預計賣家拿存量渠道利潤補貼增量渠道的動機有所減弱,而當內容電商嘗試轉型貨架模式時,則進入到了貨架電商的優勢能力範圍,貨架電商在價格力、消費者體驗和服務上的投入也進一步鞏固自身優勢。往後看,部分電商平台加大商家篩選和優勝劣汰力度,傳統以存量渠道利潤補貼增量渠道的模式或難以為繼,在品質、價格、服務等環節缺乏競爭力的商家或面臨挑戰。該行維持各公司盈利預測、目標價和評級,當中對阿里巴巴及快手評級為“跑贏行業”,目標價分別109港元及75港元。

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