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《大行報告》美銀證券下調快手(01024.HK)目標價至76元 評級「買入」
阿思達克 04-03 14:42
美銀證券發表報告指,快手(01024.HK)今年在主要細分市場的業務戰略不會發生變化,其中,電子商務業務將保持快速增長,活躍買家進一步滲透到更好的公共或私人領域之間的流量分配、品牌產品的擴張以及推出購物中心。管理層表明,GMV在農曆新年後和「三八」促銷期間有更好的恢復趨勢。服裝和美容產品等非必需品類亦錄得強勁增長。該行預計集團今年GMV按年增長28%。 該行表示,快手料廣告業務呈現混合趨勢,電子商務相關廣告與GMV均有增長,而外部廣告由於宏觀不確定性仍然疲弱,可能需要時間才能恢復。集團預計,廣告收入將按年增長19%,並在下半年有更好增長,快2024年的用戶目標仍為4億DAU,並認為內容擴展和技術增強會降低用戶獲取成本。該行預計,今年S&M絕對值按年基本穩定,同時用戶按年增長5%至3.8億以上。 美銀證券表示,將快手2024財年的收入提高4%,同時由於更高的S&M將收入削減5%。目標價由81元下調至76元,評級為「買入」。
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