一文了解券商於快手(01024.HK)公布去年业绩後最新目标价及观点
快手-W(01024.HK)今早股价受压，盘中曾低见268元一度下挫11%，最新报269.4元跌10.6%。券商普遍指快手上季收入符预期，瑞银指快手去年直播平均月付费用户较该行原预期低4.6%，公司在去年业绩公告中并无提供今年首季及今年上半年营运指引，将关注管理层在分析员会议上会否提供最新毛利率指引。
快手昨收市後公布去年业绩，期内营业额587.76亿元人民币按年升50.2%；去年亏损扩大至1,166.35亿元人民币，上年同期蚀196.52亿人民币；每股亏损125.25人民币，不派息。
快手按非国际财务报告准则计去年录经调整亏损79.49亿人民币，2019年则录经调整利润10.34亿人民币；去年经调整EBITDA亏损36.16亿人民币，2019年则录经调整EBITDA约35.91亿人民币。去年快手应用平均日活跃用户为2.65亿，按年增长50.7%；平均月活跃用户为4.81亿，上升45.6%；每位日活跃用户日均使用时长由2019年的74.6分钟增至去年87.3分钟；每名日活跃用户平均线上营销服务收入由2019年的42.3元增至82.6元。至於电商交易总额按年增长539%至3,811.7亿人民币。
【收入符预期 关注新指引】
瑞银表示，快手去年第四季收入较该行及市场原预期各轻微低1.7%及1.6%，但指收入仍大致符合预期，指公司在线收入及电子商务GMV表现强劲，指快手去年直播平均月付费用户为5,760万户，较该行原预期低4.6%。该行指快手在业绩中并无提供今年首季及今年上半年营运指引，关注管理层最新毛利率指引，予其「买入」评级，目标价430港元。
摩根士丹利发表报告表示，快手去年第四季收入录181亿人民币符合预期(按年升53%及按季升9%)，主要受广告业务所动，毛利率扩至47%(按季升7.9个百分点)，上季非国际财务报告准则计经调整亏损收窄至7亿人民币，并指公司今年首季日活跃用户强劲。该行指，快手用户及收入增长是其股价的关键，指快手目前估值当今明两年市销率各13倍及9倍，与哔哩哔哩(09626.HK)(BILI.US)接近，维持对快手「增持」评级及目标价350元。
杰富瑞发表报告表示，快手去年第四季度收入符预期，非国际财务报告准则的净亏损表现好於预期，主因销售和营销费用低於预期，该行维持其「买入」评级，目标价395港元。
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本网综合4间券商列出对快手的投资评级、目标价及观点：
券商│投资评级│目标价((港元)
瑞银│买入│430元
杰富瑞│买入│395元
摩根士丹利│增持│350元
野村│买入│333元
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券商│观点
瑞银│去年直播平均月付费用户低预期，但电子商务GMV表现强劲
杰富瑞│去年第四季收入符预期，非国际财务准则去年经调整亏损少於预期
摩根士丹利│去年第四季业绩符预期 前景不变
野村│去年第四季收入及利润率均超预期
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