金吾财讯 | 交银国际表示，6月18日，京东(09618)宣布“酒店PLUS会员计划”，参与酒店享受最高三年0佣金，该机构认为此举乃京东在外卖业务于6月1日峰值订单突破2500万之后，在本地生活场景的进一步拓展。该机构指，视京东酒旅商家拓展进度、流量转化效果，该机构认为从客群重合度角度或对携程影响较大，从本地消费场景看或对美团、同程影响更大，但携程的供应链壁垒、美团及同程的下沉市场优势短期难以撼动。该机构认为京东在短期内撼动OTA竞争格局难度更大，不同于外卖业务，酒旅业务低频消费、对接系统及客服能力建设难度更大。但京东外卖客群与酒旅消费人群重合度高，酒旅业务和PLUS会员体系若能有效联动，形成生态闭环，或有发展空间。现价对应京东/美团/携程/同程2025年市盈率为7.5倍/17.9倍/15.9倍/12.5倍，均处于历史低位，关注竞争格局演变对平台短期利润的影响。
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