You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
中銀證券:樂享集團(6988.HK)海外短視頻電商發展迅猛,維持買入評級

9月2日,中銀證券發佈研究報吿,維持樂享集團(6988.HK)“買入”評級。

報吿分析,樂享集團發佈了2022年中期業績,2022 年上半年營業收入達到13.67億港元,同比大幅增長118.9%,整體毛利率13.8%,同比下降20.5ppts,毛利率有所調整主要是由於業務結構變化較大,海外電商業務佔收入比例快速提升,此業務擴大投入且以自營模式進行,拉低了整體毛利水平。

中銀證券看好樂享海外電商發展前景,認為該業務正處於開拓時期,上半年海外電商銷售量81.34萬單,銷售收入達到10.21億港元,佔收入比例達到74.7%。樂享集團自建獨立站以及供應鏈、流量模型、支付系統等,通過興趣算法從TikTok精準獲取流量,中間頁跳轉至自建電商平台完成訂單和產品交付。海外電商目前聚焦消費電子產品正是看重了電子產品標準化、退貨率低,售後服務成熟,且中國消費電子產品具有較好的性價比。

由於受到疫情及娛樂監管影響,4-5月疫情對物流倉儲有所衝擊,2022年上半年國內短視頻電商GMV同比下降52.0%至3.11億港幣,而互娛產品中游戲/網絡文學產品營銷收入同比下降82.3%和-30.3%,主要因為從2021年下半年開始收緊遊戲版號和付費文學作品監管審批,中銀證券預計下半年將有更加明顯的好轉。

報吿進一步分析,2022年下半年以及未來,樂享集團的主要業務重心仍將放在海外短視頻電商上,持續完善以獨立站為核心的新技術模型和服務體系,預計全年海外電商GMV將達到20-25億港元。此外,樂享集團通過與央企進行影視內容新媒體、數字藏品業務合作,投資孵化MCN等方式,積極培育自有內容和流量,進一步降低流量成本。報吿研究結論認為,板塊評級強於大市,維持樂享集團買入評級。

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.
uSMART
Wealth Growth Made Easy
Open Account