《大行報告》富瑞下調快手(01024.HK)目標價至136元 評級「買入」
富瑞發按報告下調快手(01024.HK)目標價,由140港元降至136港元,評級「買入」,預計首季日活躍用戶按年增長15%,月活躍用戶數按年增長約11%。
富瑞預計,快手首季收入按年增長約20%至205億元人民幣。當中,網絡廣告收入按年增30%至111億元;電商商品成交金額將按年增長約40%至1,660億元人民幣;直播分部收入將按年增長約4%至75億元人民幣。整體毛利率料保持穩定在約42%。至於銷售和營銷費用料約98.5億元人民幣,低於去年同期的117億元人民幣。按非國際財務報告準則,料季度淨虧損約41億元人民幣。
富瑞指,物流和倉儲等供應方會因最近的疫情而受到影響。目前需求仍然健康,但用戶可能無法下單
,且交貨時間會比正常情況更長。
該行估計,快手第二季在線廣告收入將按年增長約18%,商品成交金額按年增長約28%,並認爲在不斷擴大的日活躍用戶羣和在短視頻領域花費的時間下,帶來用戶行爲的結構性變化,爲快手帶來長期機遇。
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