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電商廣告旺季互動廣告增長動能強勁 兑吧(01753.HK)獲招銀國際維持買入評級目標價6.35港元
格隆匯 10-22 17:55

雖然距離雙十一還有近20天,但火藥味已經瀰漫,今年京東的雙十一戰線從10月18日就已經拉開。緊接着10月21日,天貓召開了“2019天貓雙11全球狂歡節啟動發佈會”,“雙十一”預售正式開始。

頭部電商對客户的爭奪依然激烈——社交玩法,多級分享,商家低成本引流然後完成用户轉化,電商平台正不遺餘力的加大互動廣告的投放力度。

近日招銀國際及新華匯富先後發佈研報稱儘管傳統廣告低迷的行情尚未結束,但互動廣告將在宏觀上更具防禦性,對兑吧(01753.HK)的互動廣告趨勢保持樂觀。 預計其3、4季度廣告收入將受益於下半年電商廣告旺季而大幅增長。

招銀國際發佈的研報顯示,當前背景下廣告商優先考慮以投資回報率為導向的營銷策略,更加關注流量質量。而兑吧不斷大力度效率提高和算法優化,預計其月活躍用户數將達到4.2億,毛利率也會相應提高。低線城市的移動互聯網滲透率正在不斷提高,同時下半年電商消費進入業務衝刺期,廣告主將加大投放力度。

新華匯富分析兑吧的廣告業務收入中有30%的銷售額來自電商客户,而下半年又是電商的業務爆發期,雙十一購物期間阿里、京東、拼多多等頭部電商將積極增加預算爭奪下沉市場客户,兩家券商均表示兑吧下半年的廣告收入增長動能強勁。

招銀國際預測兑吧的廣告收入第三季度將同比增長70%,主要是由於電商和遊戲廣告需求的持續增長。預計其廣告點擊率將在第三季度保持穩定,而CPC計費則有望連續增長。

新華匯富同樣給出了較高預期,預計兑吧第3、4季度的互動廣告收入的同比增長幅度超過60%,其中第三季度有望超過65%,毛利率獲將提高2個百分點至33%,預計下半年整體收入將達到10.7億元人民幣。

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