金吾财讯 | 摩通发表研究报告指出，市场可能误解市监总局较早前针对“幽灵餐厅”的处罚，认为这是中国互联网监管收紧的另一个信号，以及对食品外送平台的盈利造成负面影响。然而，摩通对此持更具建设性和差异化的看法。该行指，直接罚款金额可控，且营运整改范围有限。更重要的影响是单位经济层面：此裁决移除了一批不合规、低订单价值(AOV)、结构性亏损的订单，这将改善行业订单质量，并支持更高的订单价值、收入和每单营运利润。市场可能忽视的是，受影响是订单数量，但非影响高质量需求，因“幽灵餐厅”订单将稀释单位经济效益。在该行的分析中，移除这些订单虽会适度减少总订单量，但会改善剩余订单的结构。因此，摩通将此裁决视为支持行业盈利能力，而非广泛的需求冲击。该行认为京东集团(09618)是最明确的受益者；阿里(09988)可憧憬风险减轻而受惠；美团(03690)的影响已大致反映在股价中，而拼多多则面临实质负面影响。
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