《大行報告》瑞信料快手(01024.HK)次季經調整淨虧損收窄至23億人民幣 評級「跑贏大市」
瑞信發表研究報告指出,預期快手(01024.HK)次季收入按年增長8%至207億元人民幣,經調整淨虧損收窄至23億元人民幣,或淨利率跌11.2%,較市場預期高4個百分點。
該行指出,按細分市場劃分,快手期內流量繼續增長,預計日活躍用戶數量將連續維持在3.47億水平,或按年增長18%。基於「616」表現穩固,估計電商業務份額將有所增加,對電商交易總額預測按年升25%。廣告業務表現優於同行,料錄得按年增長8%,強勁的內部電商業務廣告抵銷了因疫情導致的外部需求疲弱。儘管受到監管影響,但料公司的直播業務收入升11%。
此外,瑞信認為快手營運改善致執行力良好,加上待變現資產,應可令公司在宏觀環境不確定性下表現勝同業。基於公司更好的成本控制,該行對快手2022財年虧損預測下調9%,而2023及2024財年預測則保持不變。維持對其「跑贏大市」評級及目標價120元。
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