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《大行报告》瑞银首予快手(01024.HK)「买入」评级 目标价430元
阿思达克 02-09 09:49
瑞银发表研究报告,首次给予快手(01024.HK)「买入」评级,指出按用户花费的时间计,快手是中国第三大线上流量生态系统,亦为全球第二多每日活跃用户的短视频APP,其市场地位显着,拥有庞大的用户基础,目前仅处於变现早期阶段,变现水平落後於其他互联网企业,增长前景可期。

报告指,快手目前仍处於广告及电商变现的早期阶段,考虑到短片可能是最有效的营利内容种类,该行预计快手2020至2023收入年复合增长率将达到41%,主要受广告、电商以及直播以外的更多收入来源所推动,并预期快手月活跃用户2020至2023年间年复合增长率可达11%。

瑞银又指,快手正在逐步改善其电商生态系统,预测到2023年直播将仅占其总收入的26%,低於2019年的80%。快手於2020年首三季录得经营亏损,该行表示,广告和电子商务收入的快速增长,可能推动毛利率由2020年的将40.6%提升至2023年的56.7%,加上更平稳的月活跃用户增长将降低营销开支,令快手有望於2022年恢复盈利,予目标价430元,以反映2021至2022年预测市销率的16.4倍及11.2倍。

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