《大行報告》摩通:內地線上廣告市場首選快手(01024.HK)
摩根大通發表研究報告指,隨着中國線上廣告市場滲透率接近2021年高位,認爲市場結構已趨成熟,將較電商等其他互聯網支柱經濟體更具週期性及宏觀驅動力,預期市場份額增長將是企業最重要的增長來源。
從週期性來看,考慮到廣告效果排名及客戶組合彈性,更看好快手(01024.HK)及百度(09888.HK)(BIDU.US)。而從結構性增長機會的角度來看,該行認爲,由於用戶參與度不斷提高,加上目前廣告庫存變現不足,相信快手、騰訊(00700.HK)(TCEHY.US)及嗶哩嗶哩(09626.HK)(BILI.US)可定位爲市場份額增長者。當中騰訊較其他成熟廣告平臺擁有更大的廣告投放空間,而快手及嗶哩嗶哩則擁有高用戶參與度的優勢。
摩通指,廣告支出現時有所恢復,但宏觀不確定性拖累下半年復甦前景,預期今年餘下時間線上廣告復甦步伐將較預期溫和,選股方面首選爲快手,予「增持」評級,指出電商及廣告收入市場份額增長,與主要競爭對手抖音的差距縮小。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.