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大華繼顯:首予微盟集團(2013.HK)買入評級 目標價6.2港元
格隆匯 11-06 16:49

大華繼顯日前發佈首份覆蓋微盟集團(02013.HK)研報,指出微盟正鞏固去中心化電商頭部SaaS企業地位,目前是騰訊生態系統最大的第三方服務商以及廣告代理商,為中小企業提供全方位的數字化SaaS解決方案以及精準營銷服務,相信微盟完全有能力抓住快速發展的社交電商、移動端精準營銷以及O2O業務。對微盟給予買入評級,目標價6.2港元。

大華繼顯表示,微盟是騰訊零售系統的贏家,為中小企業提供全方位的數字化服務,是中國領軍的SaaS產品業務以及營銷解決方案提供商。藉助於騰訊生態系統超過11億月活用户的龐大流量,微盟在微信上助力商家提升銷量,留存客户並進行營銷活動等等。微盟將成為幫助實體零售商實現數字化轉型的先鋒。

在外賣市場、智慧零售以及生活服務的驅動下,中國的O2O的市場規模從2018年開始預期以18%的年複合增長率在2021年達到人民幣2.6萬億。而微盟的O2O服務將幫助商家將日常運營進行數字化升級,並通過精準營銷(TM)和會員系統吸引新的消費者。

微盟的流量獲取成本組合80%來自騰訊,其他渠道流量為20%。 微盟計劃將其非騰訊流量獲取成本提高到35%,以抓住短視頻快速增長的風口。我們認為,憑藉與騰訊合作的經驗,微盟可以很好地抓住增量廣告渠道的快速增長。

大華繼顯預計得益於其快速增長的用户羣和強勁的移動數字廣告增長,微盟將在2019至2022年期間實現31%的收入年複合增長率以及和62%的調整後的淨利潤複合增長率。公司股票2020年預測PS為2.9倍,2020年預測PE為30.2倍。

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