《大行報告》大摩下調快手-W(01024.HK)目標價至90元 評級「增持」
摩根士丹利下調對快手(01024.HK)目標價,由95元降至90元,評級維持「增持」。
該行調整對快手去年第四季業績預測,反映閉環推動較強的直播及廣告收入,被更高的收入分享導致毛利率下降所抵銷,防疫封鎖導致高返回率形成的低實收率,以及農曆新年較早導致的更高銷售及推廣成本,又指中國經濟重啟的利好尚未出現。
該行亦微調對快手今明兩年收入預測1%,反映更高的直播收入,但被毛利率下降1至2個百分點而抵銷。該行料快手今年收入按年升15%,增幅與2022年一樣,當中廣告增長20%,直播增長3%,電商及其他增長30%。
基於廣告代理及廣告商等待宏觀經濟改善訊號以增加廣告預算,料有關情況在第二季及往後才出現,該行假設快手今年首季廣告收入按年增長僅溫和加快至11%。
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