富瑞:予快手(1024.HK)“買入”評級 目標價326港元
富瑞發表研究報吿預期,快手(1024.HK)將受惠於網上廣吿及電商業務的強勁增長動力,今年第二季總收入按年增長44%至186億元人民幣,預期網上廣吿收入按季增長17%至1000億元人民幣,而其他收入按年升130%至14.8億元人民幣,但料直播收入將按年跌15%至71億元人民幣,下調目標價17.5%,由395港元至326港元,予“買入”評級。
富瑞亦指,在電商方面,預期今年第二季公司的商品交易總額將按年升104%至1480億元人民幣,料毛利率將按季增加3個百分點至約44%,亦預期銷售及市場推廣開支錄117億元人民幣,與第一季相約,料研發開支及管理費用將會上升,亦預期其MAU(月活躍用户數)和DAU(日活躍用户數)將分別輕微下降至5.09億用户及2.89億用户。
富瑞表示,公司作為短視頻平台,其用户有高度的參與性,認為短視頻市場具有巨大潛力,預期公司將能保持其市佔率,至2024年公司將有4.2億日活躍用户數。

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