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《大行報告》瑞銀首予快手(01024.HK)「買入」評級 目標價430元
阿思達克 02-09 09:49
瑞銀發表研究報告,首次給予快手(01024.HK)「買入」評級,指出按用戶花費的時間計,快手是中國第三大線上流量生態系統,亦為全球第二多每日活躍用戶的短視頻APP,其市場地位顯著,擁有龐大的用戶基礎,目前僅處於變現早期階段,變現水平落後於其他互聯網企業,增長前景可期。

報告指,快手目前仍處於廣告及電商變現的早期階段,考慮到短片可能是最有效的營利內容種類,該行預計快手2020至2023收入年複合增長率將達到41%,主要受廣告、電商以及直播以外的更多收入來源所推動,並預期快手月活躍用戶2020至2023年間年複合增長率可達11%。

瑞銀又指,快手正在逐步改善其電商生態系統,預測到2023年直播將僅佔其總收入的26%,低於2019年的80%。快手於2020年首三季錄得經營虧損,該行表示,廣告和電子商務收入的快速增長,可能推動毛利率由2020年的將40.6%提升至2023年的56.7%,加上更平穩的月活躍用戶增長將降低營銷開支,令快手有望於2022年恢復盈利,予目標價430元,以反映2021至2022年預測市銷率的16.4倍及11.2倍。

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