金吾财讯 | 大和发研报指，美团(03690)为骑手支付社保影响料有限。大和预计计划需要数年时间才能实施，2025年与社保计划相关的总开支料为20亿元人民币。根据该行估算，假设今年美团的总订单量为2,800万笔，则每笔按需订单的增量成本为0.07元人民币。假设2028至2029年社保全面覆盖全国，预计总影响将低于每个订单0.3元人民币。长远而言，增量开支可被营运杠杆抵销。同时估计今年对美团盈利的影响将少于4%。该行重申美团“买入”评级，目标价235港元。
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