《大行》東吳證券:外賣大戰啓平臺補貼增 優惠券針對20元人幣價格帶 關注茶飲等需求側刺激機會
市場關注外賣平臺發放優惠券,憧憬茶飲股或間接受惠,本港上市的茶飲股今日走個別,茶百道(02555.HK)彈高9.4%,奈雪的茶(02150.HK)盤中曾抽升近10.2%,半日僅升1.3%收1.6元,古茗(01364.HK)上揚2.5%,而蜜雪集團(02097.HK)股價下滑近0.2%。
東吳證券發表報告表示,內地近期各大外賣平臺開展了「補貼大戰」。除了京東(09618.HK)高調入局之外,淘寶閃購在7月2日宣佈開啓500億人民幣補貼。
美團加大優惠力度,當日即時零售日訂單量數據優異。美團在7月5日的外賣大戰中,開啓了大規模補貼活動,包括「0元喝奶茶」等優惠,主要針對蜜雪冰城、茶百道、古茗及滬上阿姨等品牌,通過發放高額優惠券吸引用戶下單。此外,美團還推出了「15減15」「25減20」等不限量、不限人羣的優惠券,進一步刺激消費。然而,由於訂單量激增,美團外賣平臺一度出現崩潰。據美團內網公佈的資訊,截至7月5日22時54分,美團即時零售當日訂單量突破1.2億單,其中餐飲訂單超過1億單。
就阿里(09988.HK)旗下淘寶閃購500億補貼成雷霆之勢,日訂單數量增速加快。淘寶閃購於7月2日宣佈啓動規模高達500億元的補貼計劃,將在未來12個月內直補消費者及商家。補貼方式包括髮放大額紅包、免單卡、官方補貼一口價商品等,旨在刺激消費,帶動市場總量增長。7月5日,淘寶閃購聯合餓了麼在補貼大戰中表現出色,日訂單數從5月2日的超過1,000萬單增長,至7月5日的超過8,000萬單,增長了7倍;其中非餐飲訂單超過1,300萬單,淘寶閃購的日活躍用戶數也超過2億。
京東外賣自今年2月上線以來,採取了一系列補貼措施,包括「0傭金」政策吸引商家入駐,以及「百億補貼」計劃,計劃一年內投入超100億人民布1,面向全體用戶發放最高20元人民幣的補貼。此外,京東還通過與星巴克等品牌合作,進一步提升品質外賣的吸引力。據京東公佈的數據,截至今年6月27日,京東外賣日訂單量已突破2,500萬單,業務覆蓋全國350個城市,超150萬家品 質餐飲門店入駐。
東吳證券指,對比各家優惠券:美團和淘寶的優惠力度大致相當,主要面向低價格帶。美團和淘寶的優惠額度包括滿「38減18」、「滿15減15」等。優惠券是一種以小撬大的補貼形式,利於規模較小的玩家快速獲取市場份額。投資建議方面:關注茶飲、餐飲領域投資機會。本次外賣大戰,各主要平臺優惠券針對的價格帶主要是20元左右,這常常是茶飲和低價快餐所處的價格帶;而對於50元人民幣左右高單價則優惠力度不明顯。因此外賣茶飲 龍頭有望從中受益。
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