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《大行報告》高盛首予知乎-W(02390.HK)「中性」評級 目標價41元
高盛發表研究報告,首予知乎-W(02390.HK)「中性」評級,預期知乎2021年至2024年收入年複合增長率達到31%,每月活躍用戶量年複合增長率將達10%。 報告指,在廣告預算增量的趨勢下,廣告從普通平台轉向新興內容營銷平台,預計知乎將繼續在線上廣告行業中取得更多市場份額。該行認為,知乎定位獨特,但可能需要更強的執行力來克服經營挑戰,公司股價自52週高位回調87%,年初至今計亦調整了66%。 高盛指出,用戶忠誠度前景未明,同時為推動用戶增長,近年營運開支大增,阻礙公司達到收支平衡,但廣告收入前景有所復甦,預期知乎可在2025年達到正數自由現金流,並在2026年實現經營溢利盈虧平衡,給予目標價41港元。
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