大摩: 百融雲(6608.HK)Q1業績強勁恢復 首予“增持”評級 目標價34港元
摩根士丹利5月3日發研報稱,百融雲(6608.HK)作為金融服務業大數據分析解決方案提供商,公司2021年一季度從去年疫情的低基數中強勁恢復,期內總收入同比增長92%至4.09億元。其中三大業務包括數據分析及其它服務、精準營銷服務、保險分銷服務分別同比增長33%、293%、93%。
大摩預計在中國家庭平均收入穩定增長和零售活動處於市場低估水平下,中國個人信貸需求具有較大增長空間,該部分潛在需求也將會在百融雲未來市場份額與收入佔比中逐步釋放。
大摩還稱,業務模式為輕資產的百融雲,公司未來將通過精準營銷服務和保險分銷服務進一步擴展盈利規模。該行預測,2020-2023年公司總收入複合增長率達27.7%,2021年總營業收入達到13.97億元,2023年總營業收入將達23.65億元。百融雲現價對應2021財年6.3倍市銷率,大摩首次給予百融雲“增持”評級,並予目標價34港元(對應2021財年11倍市銷率),較4月30日收盤價19.9港元,約有71%的潛在增幅。
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