《大行報告》野村削快手-SW(01024.HK)目標價至48元 料第三季收入按年升9%低於市場預期
野村發表研究報告,預測快手(01024.HK)今年第三季收入將按年增長9%,低於市場預期,主要由於宏觀經濟不景下廣告商取態變得更爲保守,令廣告業務收入復甦得較預期慢。而在更嚴格的成本控制措施下,預期快手非通用會計準則綜合經營溢利率可按年提升17.5個基點至負7%,對比市場普遍預期達到負9%。
野村預期,快手第三季線上廣告收入將按年增長5%,較第二季的增長10%放緩。考慮到快手電商業務的持續增長,預期電商廣告在第三季按年升幅將達到43%,佔總廣告收入約40%,GMV料增長26%至2,210億元人民幣,與市場預期一致。直播業務收入則預期增長10%,當中主要來自每月付費用戶增長12%的帶動。
該行估計快手每日活躍用戶(DAU)將增長13%至3.62億人,每DAU平均每日觀看時間則按年提升8%至128分鐘。由於廣告收入下降,野村將今明兩年收入預測各下調2%,經營溢利率預測基本保持不變,維持「中性」評級,目標價從78元下調至48元。
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