《大行》大摩:美團(03690.HK)退出優選業務止蝕 行業首選阿里(09988.HK)
摩根士丹利研究報告指,日前多地的美團-W(03690.HK)優選小程序被發現暫停銷售,加上公司公佈全面拓展即時零售業務,將拓展門店和閃電倉,以及增加品類;小象超市亦將逐步拓展到所有一、二線城市。該行估算美團優選去年產生約70億元人民幣(下同)的虧損,並預期今年的虧損亦約爲60億至70億元。雖然美團優選的虧損較2022至23年時顯着收窄(估計每年虧損介乎200億至300億元),但仍未能快速擴大市場份額,該行認爲降低業務規模讓公司有更多空間投資於即時零售及拓展海外市場。該行預測今年美團核心本地商業(Core Local Commerce)經營利潤按年持平於530億元,新業務估算虧損爲110億元。
另外,阿里-W(09988.HK)(BABA.US)日前公佈將餓了麼和飛豬合併入阿里中國電商事業羣。該行認爲該舉措反映了集團在電商、即時配送及旅遊板塊強勁的協同效用,可提供一站式的客戶服務,並提升業務效率。京東-SW(09618.HK)(JD.US)較早前亦宣佈加入電商和外賣,以及旅遊平臺市場,反映京東同樣見到交叉銷售的機會,最近的報道中,集團重點提到有40%的新外賣用戶是由電商用戶轉化而來。
該行於電商行業的首選爲阿里,因其爲AI推動者,雲端收入加速可作爲催化劑;次選爲美團,因其保持着長期競爭力;最後爲京東。
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