华西证券：电商的增量引擎即时零售行业拥抱下沉市场新蓝海

智通财经2025-04-17

智通财经APP获悉，华西证券发布研报称，即时零售行业正处于高速增长期，平台型的美团闪购，前置仓叮咚买菜、朴朴超市逐渐盈利，行业即将进入"规模扩张+盈利兑现"双击阶段。相关受益标的包括龙头美团(03690)，依托6.7亿用户池、745万骑手网络及闪电仓模式，2025年即时零售GMV预计超3000亿元。以及具备场景协同优势的京东(09618)秒送依托达达履约网络，发力"小时达+外卖"全场景，2025年...

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href=http://www.zhitongcaijing.com/content/detail/1279834.html><strong>智通财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>智通财经APP获悉，华西证券发布研报称，即时零售行业正处于高速增长期，平台型的美团闪购，前置仓叮咚买菜、朴朴超市逐渐盈利，行业即将进入\"规模扩张+盈利兑现\"双击阶段。相关受益标的包括龙头美团(03690)，依托6.7亿用户池、745万骑手网络及闪电仓模式，2025年即时零售GMV预计超3000亿元。以及具备场景协同优势的京东(09618)秒送依托达达履约网络，发力\"小时达+外卖\"全场景，2025年...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1279834.html\">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":"LU0348805143.USD","symbol_name":"ALLIANZ ENHANCED ALL CHINA EQUITY \"A\" (USD) 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Non-GAAP净利率为1.9%，其自有品牌2023年GMV占比达到20%。格局稳固，“品类扩张+下沉渗透”成胜负手平台型公司的多项能力可以复用，包括连锁的商家资源、配送网络等，规模快速扩张。而前置仓的扩张需建立在差异化供应链和管理上，因此以核心区域深耕，进而向周围地区扩张的策略为主。平台型即时零售市场市场呈现\"一超多强\"格局：美团闪购以35%份额领跑（日均订单量超1000万单），京东到家、饿了么非餐分列二三位。新兴势力加速入局：抖音\"小时达\"依托直播电商生态，2024年本地生活GMV突破5600亿元。该行认为未来的竞争焦点转向\"全品类扩张+下沉渗透\"：1）品类扩张：美团闪购拓展数码家电品类，与苹果/小米合作开设3C前置仓；京东到家启动外卖业务，2025年计划覆盖50万餐饮商户。2）下沉渗透：2023年县域即时零售规模达到1500亿元，同比增长23.42%，占即时零售总规模的23.08%。2024年1-8月，县域等下沉市场的美团即时零售订单量同比增长54%。前三大前置仓为小象超市、朴朴超市、叮咚买菜，合计占垂直市场份额约36%。技术驱动效率革命，聚焦龙头确定性当前即时零售的AI应用主要在四个方面：智能定价、选品与库存管理，智能配送优化，客户服务与体验提升、精准推荐，选址与布局优化。即时零售的技术赋能已从单一环节突破（如物流）转向全链条智能化，未来竞争将聚焦技术协同能力与场景渗透深度。从履约成本、库存管理、运营成本等多维度提升盈利能力。截至2024年12月底，美团已在深圳、北京、上海、广州、南京等城市开通53条航线，累计完成订单超45万单，服务覆盖了办公、社区、景区、市政公园、校园、图书馆、口岸等多种场景，可为用户配送9万余种商品，最快用时6分37秒。","kind":"news","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":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 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华西证券：电商的增量引擎 即时零售行业拥抱下沉市场新蓝海

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华西证券：电商的增量引擎即时零售行业拥抱下沉市场新蓝海