國泰君安:給予兑吧(1753.HK)“買入”評級 目標價6.17港元
國泰君安發佈報告稱,給予兑吧(1753.HK)“買入”評級,目標價6.17港元,潛在上升空間15.98%;該目標價對應2019/2020年預測市盈率21.3倍/8.9倍,2019/2020年預測市淨率3.0倍/2.5倍。
該行稱,兑吧為一家內地在線業務用户運營SaaS及領先的互動式效果廣告平台運營商。截至2018年年底,兑吧在內地使用者運營SaaS市場中擁有最多的DAU超過100萬人的註冊移動App數目(147個),而在內地移動交互式效果廣告市場,兑吧的市場份額為50%以上。
該行還稱,公司主要業務分別為:互動式效果廣告,佔總收入90%以上;用户運營SaaS平台業務。2014-2019短短五年時間內,兑吧從創立到上市,成長為互動廣告行業及用户運營SaaS領域內的龍頭,實現了收入和用户數量的快速增長。從2016年的5113.8萬元(人民幣,下同)到2018年的11億元,三年時間裏兑吧收入漲幅超20倍。到2019年兑吧仍保持着快速增長,僅上半年實現營收7.8億元,同比增長64.5%。經調整(除去股份支付、上市費用、金融負債公允價值變動)的淨利潤同比增長78.2%,達1.26億元。此外,兑吧經營活動所得現金流量淨流入約為2億元,期末現金及現金等價物和金融資產合計14.72億元,現金儲備充足。
該行表示,短中期來看:隨着SaaS業務的收費業務模式推廣,以及在相關垂行業的滲透率提升,SaaS業務的收入和盈利將保持高速增長。在效果廣告業務方面,隨着公司的MAU、點擊付費事(CPC)、點擊通過率(CTR)進一步提升,兑吧的貨幣化效率及盈利能力將持續提升。
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