互联网电商行业周报：盈利能力保持强劲看好平台经济价值提升

上海申银万国证...09-18

本期投资提示：一周主要回顾与展望：本周商贸零售板块和社会服务板块表现稳定。2024 年9 月9 日至2024 年9 月13 日期间商贸零售指数下降2.09%，相对于沪深300 指数上升0.14pct，在申万一级行业里排名第17 位；社会服务指数下降3.71%，相对于沪深300指数下降1.48pct，在申万一级行业里排名第29 位。Q2 各平台营收增速整体放缓，差距略有收窄，核心业务增速表现仍较为...

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href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202409181908459f0508a7&s=b><strong>上海申银万国证...</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>本期投资提示：一周主要回顾与展望：本周商贸零售板块和社会服务板块表现稳定。2024 年9 月9 日至2024 年9 月13 日期间商贸零售指数下降2.09%，相对于沪深300 指数上升0.14pct，在申万一级行业里排名第17 位；社会服务指数下降3.71%，相对于沪深300指数下降1.48pct，在申万一级行业里排名第29 位。Q2 各平台营收增速整体放缓，差距略有收窄，核心业务增速表现仍较为...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202409181908459f0508a7&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"IE00B0JY6N72.USD","symbol_name":"PINEBRIDGE GLOBAL EMERGING MARKETS FOCUS EQUITY \"A\" (USD) 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速卖通和 Trendyol 平台加大对欧洲和海湾地区等特定市场的投入，扩大本地供应商范围。美团外卖海外版Keeta 继中国香港拓展后，下半年正式上线沙特阿拉伯，开启中国以外首次国际扩张。各平台24Q2 盈利能力普遍超预期，专注核心及重点领域持续投入，非核心业务加速减亏。24Q2 各平台专注对关键业务和战略布局采取不同的投入策略，并致力于供应链结构优化，提升平台的运营效率，激发盈利潜力，促进平台利润普遍超预期。24Q2 阿里巴巴/ 京东/ 美团/ 拼多多实现净利润406.9/144.6/136.1/344.3 亿元， 同比-9.4%/+69.0%/+77.6%/+125.5%。京东规模经济效益释放，美团外部竞争趋缓+补贴效率提升，京东零售/美团核心本地商业经营利润率为3.9%/25.1%，同比+0.72/+3.30pct。阿里非核心业务加速减亏，其中本地生活业务减亏力度加大，同比减少15.96 亿元达-3.86 亿元。主站变现率提高和海外Temu 业务效率改善，拼多多经营利润率进一步修复。投资分析意见：24 年头部电商平台专注核心业务发展，淡化绝对低价策略，主动反内卷，强调服务与体验，行业预计将步入良性竞争轨道。GMV 增 长成为当下重要战略诉求，各平台围绕用户体验，全面升级供应链体系和服务体系。平台加大投入的同时，注重商业化能力稳定与提升，实现增长与利润之间的平衡。此外，各平台坚持出海增量开拓，升级迭代商业模式，加快全球化进程分摊局部地区风险。公司前期投入预计将在下半年进一步转化为实质业绩成长，同时阿里、京东、美团加大回购，提高股东回报力度，叠加港股流动性边际改善催化，综合带动公司价值加速提升。推荐：阿里巴巴、美团、京东、拼多多。风险提示：宏观经济下行，市场竞争加剧，海外业务发展不及预期。","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"Business 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互联网电商行业周报：盈利能力保持强劲 看好平台经济价值提升

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互联网电商行业周报：盈利能力保持强劲看好平台经济价值提升