金吾财讯 | 中泰国际表示，美团今年一季度收入及经调整净利润超预期，股价低开后持续高走，最终上升2.1%。即时零售及外卖市场竞争加剧，美团(03690)、京东(09618)及阿里(09988)加大相关投放，短期或会削弱相关业务的利润率，局部影响公司的自由现金流及股东回报增长，同时也为前景增添不确定性。此前投资者购买中国互联网公司的逻辑为“降本增效，竞争减弱，股东回报提升”，但当前该逻辑或出现轻微变化，竞争加剧或短期不利于科网巨头的利润率，短期也会削弱投资者增加仓位的意愿，部分资金可能会分流至腾讯(00700)等竞争优势较好的企业。
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