中金 :匯通達網絡(9878.HK)是下沉零售市場實踐先鋒 首次覆蓋給予跑贏行業評級
中金髮研報,首次覆蓋匯通達網絡(9878.HK),給予“跑贏行業”評級及目標價63.8港元。該行認為公司有望憑藉對下沉零售市場的深刻認知和實踐,獲得行業向上期的紅利和政策支持,促進下沉市場商業渠道的變革,助力鄉村振興,同時攫取更高份額、創造更大價值。
該行稱,公司深諳下沉市場消費習慣和零售形態,將物美價廉的商品傳遞到下沉市場用户手中,獲得差異的市場定位,並有近3000名地推團隊對客户的貼身服務,形成“接地氣”的商業模式。對於零售門店網絡積累核擴張,公司着眼長期利益,為會員零售門店提供高效的供應鏈和數字化升級方案,目前已累計連接近17萬家會員店。對於上游品牌戰略合作,與品牌商總部對總部的集中採購佔比從2018年的4%提升到2021年的38%,重點合作伙伴包括蘋果、哪吒汽車、五糧液等。公司還量身打造SaaS+產品與交易業務形成雙向協同的門店。
在此亮點之上,持續滲透下沉市場、精細化運營後利潤率提升和納入港股通或成為公司未來潛在催化劑。
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