《大行》富瑞基於行業趨勢下調阿里(09988.HK)、京東(09618.HK)及美團(03690.HK)目標價
富瑞研究報告指,近期食品外賣與即時商務趨勢顯示,領軍企業致力打造一站式消費者應用,涵蓋多元服務,滿足本地即時需求與傳統電商的多種消費場景。富瑞重點推薦股票包括阿里巴巴(09988.HK)(BABA.US)、京東(09618.HK)(JD.US)、美團-W(03690.HK)。
富瑞提及,上述行業主要發展包括:阿里巴巴宣布餓了麼與飛豬整合入中國電商平台,三者在策略與執行上高度協同。截至今年6月23日,淘寶即時商務與餓了麼合計日訂單超過6,000萬。
美團積極拓展本地即時服務,推出美團閃購、小象超市及美團優選等多種模式。美團閃購與百萬家線下門店合作,實現30分鐘配送,並擁有超過3萬家閃購便利店強化供應鏈。小象超市計劃覆蓋所有一線及二線城市。美團優選則聚焦核心區域,依託供應鏈和倉儲網絡形成競爭優勢。
京東應用JD app日活用戶快速增長,新用戶轉化處於早期階段,交叉銷售比率上升。食品外送產品組合健康,單位經濟效益可通過多方面提升。
富瑞又認為,娛樂板塊具防禦性,是下半年最看好行業。其中快手-W(01024.HK)在北京的會議確認了可靈的潛力及多個細分領域趨勢。可靈憑藉數據洞察、計算能力及AI人才脫穎而出,將針對大市場採取多元定價策略。預計網絡營銷收入下半年按年加速增長,電商市場份額保持穩定。
綜合來看,中國即時零售和本地服務市場競爭激烈,阿里巴巴、京東、美團等巨頭均在加碼投入,爭奪市場份額,推動行業快速發展。富瑞維持上述個股「買入」評級,基於行業趨勢,調整目標價。
以下是富瑞重點推薦股票:
股份|評級|目標價
阿里巴巴(BABA.US)|買入|156美元→153美元
阿里巴巴-W(09988.HK)|買入|151港元→148港元
京東集團(JD.US)|買入|66美元→60美元
京東集團-SW(09618.HK)|買入|257港元→233港元
美團-W(03690.HK)|買入|185港元→165港元
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