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《大行報告》大摩:偏好快手-W(01024.HK)多於嗶哩嗶哩(BILI.US) 料前者續跑贏
摩根士丹利發表研究報告指出,偏好快手-W(01024.HK)多於嗶哩嗶哩(BILI.US)。年初至今,快手股價(跌39%)跑贏嗶哩嗶哩(跌74%),而基於收入增長動力、盈利能力、估值及盈利預測調整,估計快手將繼續跑贏。 該行認為,快手在高毛利的業務(廣告及電商)推動下,料其2022及2023財年的收入預測增長多於70%及90%;至於對嗶哩嗶哩的收入預測增長分別為多於50%及60%。此外,該行預計受惠於「雙11」,快手今年第四季的廣告及電商交易總額(GMV)增長再次加速。該行料快手明年能夠實現盈利,相對之下比嗶哩嗶哩(估計在2024/25年度)更快,主要由於毛利率較高(快手第三季毛利率高於45%,而嗶哩嗶哩為17%至18%)。 此外,摩根士丹利下調快手的第三季廣告收入增長預測至按年升5%,第四季增長百分比下調至高單位數(相對於第二季增長10%);而嗶哩嗶哩的下半年廣告收入按年增長13%(相對於第二季堵長10%)。過去幾個季度,快手的收入及毛利紀錄均優於嗶哩嗶哩。對快手評級「增持」,目標價60元;對嗶哩嗶哩評級「與大市同步」。
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