《大行報告》大摩降快手(01024.HK)評級至「減持」 目標價下調至130元
大摩發表研究報告指,與抖音相比,快手-W(01024.HK)的增長故事未及預期,市佔率持續減少,將對公司貨幣化及盈利帶來負面影響,估值較同業有折讓,目標價由300元大幅降至130元,評級由「增持」降至「減持」。
該行指,快手的日活躍用戶增長於第二季跑輸抖音14個百分點,是自2018年第四季以來最差的表現,同時其手機視頻的時間亦於首季見頂,認爲下降的趨勢持續。公司除面對抖音外,來自騰訊視頻、嗶哩嗶哩(09626.HK)的競爭亦有增加,降其2025年月活躍用戶預測數字至6億。
市場預期快手2022年廣告收入爲760億元人民幣,而2023年爲1,050億元人民幣,相等於平均日活躍用戶的廣告收入爲220元人民幣及280元人民幣,大摩認爲相關預測有下行風險。
該行料今明兩年公司續錄得虧損,於2025年纔會達至盈利。
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