《大行报告》中金首予快手(01024.HK)「跑赢行业」评级 目标价353.9元
中金发表研究报告,首予快手(01024.HK)「跑赢行业」评级,目标价353.9元,相当於明年预测市销率10.7倍。报告称,相信短视频在娱乐生活、内容消费、资讯获取及社交互动中日益重要,为短视频平台带来重大增长机遇。快手提供的「社区」概念切合东亚文化。中金料植根於社区的网络效应将成为快手的核心竞争力及收入来源。
报告表示,快手平台具强劲竞争力及重大用户增长空间;料其未来透过差异化内容及服务吸引新用户,并透过社区生态圈「箍客」。在2021至2023年间,中金料快手应用程式日均活跃用户分别达3.18亿、3.66亿及4.02亿户。
中长线而言,中金料快手将建立基於短视频平台的自家电商生态圈,并料快手将专注於非标准化产品如珠宝,及将其线下业务延展至线上平台。该行料快手2021至2023年收入分别达832亿、1,179亿及1,540亿元人民币,年均复合增长料达36%。以非通用会计准则(Non-GAAP)计,料今年亏损收窄至28.04亿元人民币(每股Non-GAAP亏损0.67元人民币),明年Non-GAAP转赚92.86亿元人民币(每股Non-GAAP纯利2.23元人民币)。
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