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《大行報告》瑞銀上調快手-W(01024.HK)目標價至154元 評級「買入」
阿思達克 11-24 09:40
瑞銀發表報告,指快手-W(01024.HK)季績反映了更清晰的盈利路徑和新的組織結構,表現令人鼓舞,並預計快手將在2023年實現盈利(料錄59.62億人民幣),經調整純利率為4%。該行上調對快手目標價,由140元至154元,此按現金流折現率作估值,相當預測明年市銷率4.5倍,維持「買入」評級。 該行將快手今年第四季收入預測降低8%,以反映宏觀經濟和對監管法規因素,對廣告產生了負面影響。但隨著不利因素的消退,該行略微降低2022年以後的收入預測,考慮到公司管理層更有紀律的增長策略,該行對快手於2021年第四季、2022年和2023年的經營利潤率分別提高304、398、416基點 。 瑞銀預計,快手第四季的月活躍用戶數量(MAU)和日均活躍用戶數量(DAU)將與第三季持平,按年分別增長16%和18%。快手第四季度電子商務和媒體直播持續強勁增長。展望未來,管理層對實現4億DAU長期目標仍有信心,同時保持成本紀律,料國內業務將在2022年實現收支平衡,長期經營利潤率目標為20%至25%。 該行提到,來自同業抖音的競爭壓力一直是市場對快手的主要關注點,目前這種情況似乎正在穩定下來,並認為快手更關注內容驅動的增長是正確的做法。
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