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《大行报告》瑞银:快手(01024.HK)首季收入符预期及续录亏损 料市场反应好坏参半
阿思达克 05-25 08:52
瑞银发表报告表示,快手(01024.HK)公布今年首季收入170.2亿人民币(按年升36.6%),符合市场预期,首季线上营销服务收入录86亿人民币、其他服务收入录12亿人民币,分别较市场预期高3%及5.2%,但直播业务收入则低於市场原预期3.4%。经营亏损率为42.8%,高於市场原预期3.9个百点,主要是毛利率较低及市场销售支出较高,期内录非国际财务报告准则经调整亏损净额为49亿人民币,对比市场原预期亏损55亿人民币。

该行指,快手首季电商总交易额达1,186亿人民币,高於市场原预期2.9%,但快手应用的直播平均月付费用户为5,240万,较市场预期低2.2%。

该行指,快手首季收入符合市场预期,季度持续录得亏损,由於业绩并无提供今年第二季营运指引,正等待管理层在分析员会议作进一步阐述,料市场对季绩反应为好坏参半,并关注其未来毛利率趋势。瑞银维持快手「买入」评级及目标价432元。

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