格隆汇12月8日丨大和发表报告指，据悉字节跳动旗下抖音将拓展外卖服务，并与多间物流商合作，目前正于北京、上海和成都等重点一、二线城市试行服务。
该行认为，抖音在短期内比较像是为品牌餐厅提供促销渠道，从而按实际交易价值收取约1%至2%佣金，相信短期内对美团(3690.HK)外送市场占有率影响有限。该行又指，抖音上的大部分GMV都主要自于用户浏览视频时的冲动购物，对比美团则是用户基于需求而进行搜索，加上中小餐馆可能无法向抖音KOL支付佣金，限制字节跳动在低线城市的业务拓展。
大和预测，除非字节跳动加强在直营交付的投资，否则料其对美团的市场份额影响有限。该行重申对内地互联网行业的正面评级，并看好美团在本地化垂直服务领域的优势，给予“买入”评级。
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