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海通国际首予微盟(02013.HK)「优於大市」评级 每股合理值12.86至15.14元
阿思达克 12-09 11:57
海通国际发表报告表示,首予微盟(02013.HK)「优於大市」评级,预计公司明年合理估值区间为245.75亿至289.4亿元人民币,对应每股合理价值区间为12.86至15.14港元。

该行指,微盟主要通过微信朋友圈、QQ、腾讯新闻等腾讯系媒体,向广告主提供精准营销服务。2016、2017和2018首季,公司在腾讯系流量采买金额占到总交易金额的96.9%、97%和98%。2019年微盟针对新兴的短视频渠道,成立了短视频中心,提升更宽媒体流量资源的合作。该行认为微信公众号、短视频等私域流量程序化投放,相对传统的媒介代理模式变现效果更高、转化率更好,越来越受到广告主的青睐。

海通国际料,微盟SaaS(软件即服务)业务仍处於高速增长期,於2020年至2022年商业云及营销云服务仍将保持50%以上营收增速增长,指公司精准营销业务公司聚焦私域流量,未来随着短视频等新增渠道采购流量的增加,营收规模也有望保持高速增长。

海通国际料微盟2020年净亏损3,175万人民币(每股全面摊薄亏损0.01元人民币)、料2021年扭亏为盈可赚4.1亿人民币(每股全面摊薄盈利0.18元人民币)、料2022年净利润7.34亿人民币(每股全面摊薄盈利0.33元人民币)。

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