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《大行報告》瑞信引述快手(01024.HK)指將會待機提高銷售和行銷支出 但仍會保持紀律
阿思達克 08-30 12:04
快手-W(01024.HK)今日股價受壓,盤中曾低見66.05元一度下挫6.9%,最新報66.85元跌近5.8%。瑞信發表告表示,近日參與了快手次季業績後的非交易路演,引述公司管理層表示下半年會對在銷售和行銷支出採取「機會主義」的策略,因在投資報酬率(ROI)處有利環境下,以提高流量及日均活躍用戶(DAU)上限水平,或會增加銷售和行銷支出的預算。 該行認爲快手未來盈利能力的路徑清晰。公司繼續其利潤率改善路徑(藉組合推動收益、較低收入分成、營運槓桿、控制好銷售和行銷支出)、降低海外業務虧損達到較低的銷售和行銷支出等。 就流量與銷售和行銷支出方面。瑞信指快手於今年上半年實了強勁的流量(DAU按年升18%)和花費的時間(按年升22%)增長,雖然銷售和行銷支出縮減,這表明用戶獲取和保留的效率更高。最近幾個月用戶添加了已經超過了其Express版本,這是用戶留存率提高的另一個跡象。隨着行業的用戶獲取成本最近降低和留存率提高,公司指會對在銷售和行銷支出採取「機會主義」的策略,以利用這個有利的流量獲取窗口來提高其DAU上限(長期目標4億),若機會出現,快手將在下半年將提高的在銷售和行銷支出,但仍將保持非常紀律並專注於高投資回報率的渠道。 該行維持對快手「跑贏大市」評級及目標價120元。
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