一文綜合大行於快手(01024.HK)公布季績後最新評級、目標價及觀點
快手(01024.HK)公布季績後今早股價捱沽，盤中曾低見206元一度下挫11.3%，最新報207.8元跌10.5%。瑞銀指快手首季直播業務收入則低於市場原預期3.4%，經營虧損率為42.8%，高於市場原預期3.9個百點；野村指快手季績表現符預期，不過與對手抖音比較則較令人擔憂，兩者的日均活躍用戶和平均使用時間差距擴大，指快手「先進者優勢」近月正在遞減。
快手昨(24日)收市後今年首季虧損577.5億元人民幣，去年同期蝕304.92億元人民幣；每股虧損20.31元人民幣。按非國際財務報告準則，經調整虧損淨額49.18億元人民幣，去年同期為虧損43.45億元人民幣；經調整EBITDA虧損41.97億元人民幣，同樣較去年同期的37.18億元人民幣擴大。
公司首季營業額170.19億元人民幣按年升36.6%。經營虧損由去年同期的50.26億元人民幣增至72.92億元人民幣；首季平均日活躍用戶為2.95億，按年增長16.6%；平均月活躍用戶5.2億，按年升5%。每位日活躍用戶日均使用時長由去年同期的85.2分鐘增至99.3分鐘；每名日活躍用戶平均線上營銷服務收入由12.9元人民幣升至29元人民幣。電商交易總額為1,185.6億元人民幣按年增219.8%。
【三券商降目標價 以反映投資較高】
大和指出，快手毛利率較該行預期為差，但不會視之為主要憂慮，基於公司今年核心目標為推動本土及境外高質量用戶增長。長期而言，該行相信短視頻平台搜尋功能將為公司提供高質量內容、及向目標用戶提供增值服務的重要門戶。該行亦指，快手首季廣告業務在季節性因素影響下仍表現強勁，未來季度收入組合持續改變將有助毛利率恢復。該行給予快手「買入」評級，目標價350元。
美銀證券指，快手在電商及網上廣告持續錄得快增長，料兩者今年收入將分別按年升103%及120%。公司強調於生態系統、內容及用戶參與上投資，並維持電商低佣金率及向廣告聯盟夥伴提供吸引力條款。該行指，基於投資影響，並下調目標價由353元降至303元，但重申「買入」評級。
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本網最新綜合6間券商對其投資評級及目標價，3間券商下調目標價，全數給予「買入」或「增持」評級。
券商│投資評級│目標價(港元)
瑞銀│買入│432元
傑富瑞│買入│395元
大和│買入│350元
美銀證券│買入│353元->303元
摩根士丹利│增持│350元->300元
野村│買入│333元->273元
券商│觀點
瑞銀│首季收入符預期，但虧損仍巨大
傑富瑞│穩固用戶基礎及參與支持業務動力強勁
大和│經營指標強勁
美銀證券│收入組合改變，為增長投資
摩根士丹利│季績符預期，因高投資降目標價
野村│收入符預期，盈利表現遜預期
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