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《大行報告》大摩:京東(09618.HK)爲行業首選 電商調查獲客戶高度評價
京東(09618.HK)今早股價逆市上揚,盤中曾高見243.8元一度彈高近5.2%,最新報240元升3.5%。摩根士丹利發表報告指,直播電商是中國內地電商近兩年競爭最劇烈的領域,一直爲市場所關注。該行近期對內地電商平臺進行市場調查(在今年5月18日至24日進行線上調查,訪問了內地2,023名於內地一線至四線城市居住的線上購物的消費者),結果顯示京東在同業中受到直播電商的競爭的影響屬最小,該行指京東屬內地電商行業的首選股,予京東(JD.US)「增持」評級及目標價80美元。 該行指,直播電商只是傳統電子商務平臺購買的增量,對傳統在線購物最重要的因素仍然與選擇直播平臺相關。根據其最新一期AlphaWise調查顯示,首要是產品質素(66%的受訪者認爲這是最關鍵的因素)、第二是定價(56%)、第三是交貨時間(35%)、第四是產品/品牌種類(33%)、第五是退貨便利性(31%)。與之前的調查結果類似,京東幾乎在所有中國在線購物方面的用戶滿意度仍然很高。大多數消費者使用直播平臺作爲額外增量,而不是用作取代傳統電子商務平臺,這加強了該行對京東的積極看法。 大摩表示,京東客戶最常用於購買包括消費電子產品商品(54%的買家將京東視爲他們最喜歡的平臺)、大家電(53%)、小家電(45%)、奢侈品(33%)。直播平臺在這些類別中的滲透率要低得多。這使得京東更具彈性,並認爲京東強大的用戶喜愛度可以轉化爲未來的市場份額增長。 該行指京東在中國線上零售每客戶每月平均支出的平臺調查中居首,京東達到663元人民幣、第二位是阿裏巴巴(09988.HK)旗下淘寶/天貓爲644元人民幣、第三位是阿裏巴巴旗下淘寶直播爲518元人民幣、第四位是蘇寧易購(002024.SZ)爲485元人民幣、第五位是唯品會(VIPS.US)爲466元人民幣、第六位是抖音爲430元人民幣、第七位是快手(01024.HK)爲409元人民幣、第八位是小紅書爲379元人民幣、第九位是阿裏巴巴旗下淘寶特價版爲343元人民幣、第十位是拼多多(PDD.US)爲341元人民幣。 大摩指,京東在網購調查中幾乎每一個重要方面都排名第一,包括產品質素(京東爲89%,對比行業平均得分爲77%)、交貨時間(京東爲90%,對比行業平均得分81%)、產品/品牌多樣性(京東爲88%,比行業平均得分爲81%)、退貨便利性(京東爲87%,對比行業平均得分78%)等。
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