【中金：京东(09618.HK)外卖领域成功的困难较大 美团(03690.HK)要关注生态平衡多于竞争压力】金十数据4月22日讯，中金发表报告指，上周京东(09618.HK)与美团(03690.HK)之间的竞争有升级趋势，从外卖领域看，认为京东成功的困难较大。报告指，外卖是一个横跨用户、餐饮、骑手三方的复杂系统，两两之间存在强规模效应，由于前期冷启动阶段规模效应的缺失，平台或需要对用户、骑手、商户给予远高于行业均值的补贴或折让，单均亏损较大，根据京东官方宣称目前的500万单水平，预计其可能意味着较大量级的亏损；如果平台有进一步发展，虽然规模效应下单均亏损有可能被优化，但更大的规模并不意味着亏损绝对值一定能收窄。联系到京东2024年主业约400亿元营运利润的量级，认为公司接受一项可能带来较大亏损的新业务难度较大。对美团而言，该行认为无需过度关注竞争压力，公司真正需要关注的是整个生态的平衡。
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.