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《大行報告》中金:快手(01024.HK)基本面進入持續改善周期 用戶恢復增長
阿思達克 11-24 14:23
中金發表報告,指快手(01024.HK)第三季業績好過預期,用戶增長態勢良好,廣告和電商保持穩健增長,維持「跑贏行業」評級,目標價140元。 報告補充,由於宏觀經濟環境不確定性,分別將快手今明兩年收入預測調低1%和10%,至793億元和991億元人民幣(下同);由於銷售費用率持續改善、效率提高,將今明兩年經調整淨虧損分別調低23億元和7億元,至198億元和149億元。 中金預計,快手今年第四季每日活躍用戶將保持按季穩定,全年按年增長16%至3.08億;第四季廣告營業收入按年增長50%至128億元,預計公司大概將完成全年6,500億商品交易額的目標。 該行認為,快手第三季毛利率按季下降2.3個百分點至41.5%,主要因直播、廣告聯盟及電商服務商分成增加,銷售費用率按季下降5.1個百分點至53.8%,主因國內獲客效率優化、海外業務投放收緊,預計在當前鼓勵相關業務合作方趨勢下,第四季毛利率或按季小幅下滑至40%。
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