美团(03690.HK) 将为全国范围内的全职及稳定兼职骑手缴纳社保。瑞银发表研究报告指，美团这个做法对单位经济效益(UE)的影响可控。
报告进一步解释，资料显示，美持于2023年仅有80万个高频骑手，占其骑手总数11%，因此保险覆盖范围有限。另外，瑞银相信并非所有合资格的骑士都会选择社保，因为他们同样必须为保险计划供款，且骑手工作通常被视为过渡性工作。而在逐步实施缴纳社保的过程中，该行相信美团的扩展能力、提高履行效率和优化补贴应在很大程度上抵销温和增长的成本。
不过，瑞银相信事件仍会损害投资者情绪，短期内经营环境充满挑战，亦或会减慢美团的扩张步伐，故短期可能疲软。长远而言，该行继续看好集团在市占率偏低的本地服务领域的领导地位，以及稳健的货币化潜力。该行维持其“买入”评级，目标价270元。(sl/u)(港股报价延迟最少十五分钟。沽空资料截至 2025-02-19 16:25。)
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