投资要点一、一句话逻辑本地生活服务龙头,外卖增长稳健,到店竞争优化,闪购规模高增。二、超预期逻辑1)高渗透+暖冬影响外卖单量健康增长,期待广告TR提升驱动UE优化。市场预期:外卖业务发展已经成熟,订单增量有限,因此分部盈利增速有限。我们认为:外卖的盈利潜力主要在于广告货币化率提升带来的UE水平优化。24Q3平台继续深化营销工具,如神抢手旨在帮助餐饮品牌推广高质量爆品、激发消费者非即时性需求,此外还...
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