方正證券：首次覆蓋映客(3700.HK)給予強烈推薦評級，目標價3.05港元
方正證券(香港)今日發研報首日覆蓋映客(3700.HK)給予強烈推薦評級，目標價3.05港元。映客(3700.HK)今日收報2.4港元，市值48億港元。
報吿重點內容如下：
看好行業及集團未來表現：因為 1) 內地直播及短視頻行業發展迅速，正不斷擴大，潛力尚未見頂；2) 集團專注於細分市場，競爭相對較少，並有潛力；3) 集團規模正擴大，各項產品加強集團經濟生態圈，可提升規模經濟效益；4) 集團擁有強大的中台發展，並具優勢。
內地短視頻及直播行業發展迅速，潛力未見頂：根據艾瑞諮詢的資料顯示，中國短視頻平台平均日活躍用户數由2015年的32百萬，增加至2019年的 496百萬，複合年增長率98.7%，並預期到2025年可達900百萬，達至複合年增長率10.4%；中國直播平台平均日活躍用户數由2015年的36百萬，增加至2019年的213百萬，複合年增長率56.4%，並預期到2025年可達513百萬，達至複合年增長率15.7%。行業發展潛力強勁。
專注細分市，拓展更多產品：集團以其主力品牌映客APP作為原始業務，並基於其知明度及其用户羣，拓展更多不同細分市場的產品，以吸引更多用户使用其產品，從而加強集團整用户黏性度，擴展集團經濟生態圈，我們認為可有利於集團未來業績表現，並持續為集團帶來回報。
集團擁有強大的中台發展，並具優勢：集團擁有一個強大的中台發展模式，能夠快速支持創新產品的開發及驗證，把研發過程精簡，有效地縮短推出時間，帶來更大便利，使產品推出成功率提高，因此提升成本效益，能更快讓客户接觸其產品，使其具有領先優勢。
估值評級：基於折現現金流估值模型的目標價為3.05港元，運用加權平均成本9.60%計算，採用終端增長率3.0%，相等於2021/2022年預測市盈率30.3/27.4倍，給予強烈推薦評級。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app！
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
