传媒行业动态跟踪：本地生活赛道战局扭转美团有望迈入利润率修复轨道

华福证券有限责...07-14

投资要点：一、组织架构变革：抖音生活服务架构重组，美团强化到家到店协同1、抖音调任商业化负责人带队本地生活：根据36 氪，2023 年底，抖音集团商业化负责人浦燕子宣布兼任生活服务业务负责人，集团调任熟悉商业化的管理层带队本地生活，一定程度体现其从增长转向商业化的新目标。根据晚点LatePost，今年3 月抖音生活服务部门调整架构，将原本的到店餐饮、到店综合和酒旅部门三部分，重新按照地域划分为北、...

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月美团宣布在新成立的平台产品部下设设计部，整合公司到店、到家等部门资源，自去年二季度以来美团开始增加预算跟进竞争，重点投入了商户返佣和用户补贴，一度给到店业务板块经营利润率带来压力，受行业竞争缓和影响，我们认为今年以来美团到店板块利润率有望逐步改善。二、抖音的调整：推进商业化举措，调整佣金费率1、抖音各个商业模式对比来看：抖音的商业模式尤其以线上流量变现见长，相比本地生活，抖音相对强势的信息流广告变现及电商业务商业化确定性更强，而相比之下本地生活则是美团的核心业务，美团具备强大的地推团队，线下运营实力深厚。此外从用户和商家端来看，美团用户搜索心智较为稳固，整体商户覆盖面更广，流量亦较为稳定，适合商户做全经营周期的长线运营，而抖音对商户的内容创作和运营能力有较高要求，更适合头部品牌商户以及需要爆款流量的新商家。2、抖音调整本地生活佣金费率：自2022 年6 月起抖音对本地生活商家收取佣金，并在2023 年陆续上调部分类目佣金，近日抖音再次宣布自7 月1 日起对部分类目的费率进行调整，其中住宿板块从去年9月起的3%-6%调整至8%，丽人板块从3%-10%调整至4%-10%，休闲娱乐板块从3%-5%调整至3.5%-7%。三、美团的进击：升级“神会员”权益，加强低线城市渗透率1、美团打通到家到店会员权益：今年以来美团逐步升级外卖神会员，覆盖到家到店各类消费场景，有望聚焦商户资源从而提升用户参与度，并提升运营效率，夯实核心本地商业的用户心智，截至今年Q1美团包含到家到店业务的核心本地商业占整体收入比重已达75%， 根据新京报，截至7 月4 日，参与美团神会员的商家已达500 万家。2、美团加强低线城市渗透：针对下沉市场，去年四季度开始美团在部分低线城市将原本代理商模式转变为直营，此外还推出直播和特价团购模式满足低线城市商户促销需求。近期美团计划在下沉城市招募电梯媒体广告加盟商，助力下沉市场商户进一步拉新获客。四、投资建议建议关注：1、头部梯队美团和字节：随着抖音调整战略重点，美团逐步优化补贴效率，美团到店利润率有望逐步企稳回升，作为商家长期经营主阵地，未来到家和到店业务的协同也有助于美团整合商户资源提升用户转化率。抖音以打造爆款内容为特色，为头部品牌商户和新商家提供了品宣和爆款的差异化经营阵地。2、其他参与者快手、小红书及腾讯：快手成立本地生活事业部，并和美团达成合作以丰富产品供给；小红书推出地图搜索功能，接入周边美食、景点笔记内容；腾讯视频号放开本地生活商家入驻，支持单店及连锁店入驻。五、风险提示宏观弱复苏，消费需求疲软；下沉市场拓客不及预期。","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; 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传媒行业动态跟踪：本地生活赛道战局扭转 美团有望迈入利润率修复轨道

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传媒行业动态跟踪：本地生活赛道战局扭转美团有望迈入利润率修复轨道