即时零售行业研究:履约形态适配中国土壤 即时零售潜力或超预期

中泰证券
30 Jun

核心观点:受制于较高履约成本,即时零售在发源地美国现仍是小众市场。但在中国,在强烈的便捷需求,与显著成本结构优势共振下,即时零售较大概率成为一种主流的零售模式。美团在履约体系与用户心智上具有较为显著优势,即时零售业务的发展有望为其提高估值潜力。各国零售行业演进的理念是一致的,但最优履约形态受到人口、城市形态等因素影响。基于对零售行业国别对比研究,我们发现优秀的零售企业均有着一致的理念:为消费者降低...

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