海通證券:雲想科技(2131.HK)業務規模持續穩步增長 維持“優於大市”評級
格隆匯9月16日丨海通證券發研報指,2022年上半年,雲想科技(2131.HK)實現營業收入16.18億元,同比增長3.02%,主要系線上營銷解決方案業務收入穩步上升;淨利潤0.62億元,環比21年下半年增長371.85%;總賬單金額36.01億元,同比增長2.71%。公司商業短視頻的月產能規模突破21400條,全職視頻製作團隊人均每月產能突破274條。公司現金和銀行餘額達7.15億元,現金儲備充足,財務結構健康。雲想科技持續升級原有服務大客户羣體的SaaS解決方案,上半年SaaS服務業務訂閲合同總價值達2260萬元。公司服務的廣吿客户數量同比增4.36%達574名,上半年平均賬單金額超過627萬元,客户羣體行業結構進一步均衡化。此外,公司推動業務國際化進程,佈局海外短視頻藍海市場,上半年已開始開展商業化層面合作並形成海外收入。該行認為以抖音、快手為代表的短視頻流量目前仍處於高成長期,雲想科技搭建的合拍平台已經具備工業化視頻生產能力,連山智投等SaaS平台開啟商業化,未來有望持續助力公司短視頻投放效率提升。該行預計雲想科技2022-2024年營業收入分別為37.54、47.87和60.04億元,給予公司2022年0.8-1.0倍動態PS,對應合理價值區間為4.30-5.38港元/股,維持“優於大市”評級。
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