一文了解券商於快手(01024.HK)公布業績後最新目標價及觀點(表)
快手(01024.HK)今早股價反覆波動,盤中曾高見85元,其後一度倒跌8.3%,半日股價收74.7元跌4.8%。摩根士丹利表示快手去年第四季業績全方位勝預期,收入及毛利均高於市場預測6%,淨虧損少於市場預期12%,受惠於去年下半年業務重整及經營改善,有關因素將在今年持續推動業績改善。
快手昨收市後公布去年營業額按年升38%至810.82億元人民幣。虧損收窄33%至780.74億元人民幣;每股虧損20.37元人民幣。按非國際財務報告準則計算的經調整淨虧損按年擴大1.4倍至188.52億元人民幣。公司去年線上營銷服務收入按年升95%至427億元人民幣。直播收入按年跌7%至310億元人民幣。電商交易總額按年升78%至6,800億元人民幣。毛利率升1.5個百分點至42%。
快手去年第四季營業額按年升35%至244.3億元人民幣。虧損按年收窄至62.03億元人民幣。按非國際財務報告準則計算的經調整淨虧損按年擴大至35.69億元人民幣。快手首席財務官金秉於電話會議中表示,對今年實現國內業務季度調整後淨利潤很有信心,預期廣告、電商業務將帶動整體毛利率增長,公司亦將對不同業務線進行成本管控,提升營運效率,預期今年毛利率將繼續提升。
【股價反覆波動 上季業績良好】
瑞銀表示,上調對快手目標價,由140元上調至149元,相當預測今明兩年市銷率各5倍及4倍,維持「買入」評級。該行指快手去年第四季業績多方面勝預期,季績反映新管理架構帶來的正面改善,預期良好勢頭持續至今年。該行亦指快手內容推動用戶增長策略,及更清晰有效的管理架構將持續支持健康的用戶流量增長,同時銷售及推廣開支按年減少。在變現方面,該行下調快手今年首季及2022年收入預測33%及34%,以及電商毛交易總額增長預測至42%及36%,反映近期宏觀不確性,但有關增長幅度仍然驚喜,反映快手市佔增長動力。
海通國際表示,快手商業模式提供獨特的估值主張,亦認為快手估值吸引。該行建議投資者觀望今年宏觀情況發展。考慮到業務規模,快手實現顯著高於行業平均的增長具挑戰性,加上公司架構改變不確定性,以及新股上市時投資者禁售將會解除,引發沽售壓力,因此維持快手「中性」投資評級,目標價由108元降至95元。
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本網最新綜合8間券商對其投資評級及目標價:
券商│投資評級│目標價(港元)
瑞信│跑贏大市│170元->155元
大和│買入│150元
瑞銀│買入│140元->149元
富瑞│買入│140元
摩根大通│增持│120元
摩根士丹利│增持│110元
野村│買入│108元
海通國際│中性│108元->95元
券商│觀點
瑞信│季績多項指標勝預期,增長動力仍存以抵銷宏觀挑戰
大和│季績多項指標勝預期
瑞銀│季度收入堅韌,成本紀律為應對宏觀不確定性提供保護
富瑞│市佔增長故事配合清晰策略
摩根大通│季績明顯勝預期
摩根士丹利│市佔及效益俱升
野村│季度收入及經調整盈利率均勝市場預期
海通國際│管理在行業逆風下表現信心
(fc/w)
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