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《大行報告》高盛料快手(01024.HK)次季收入按年增逾25% 重申正面看法
阿思達克 07-25 11:03
高盛發表研究報告指出,快手(01024.HK)將於8月下旬披露第二財季業績,該行料公司外部廣告恢復按年正增長,以及電商廣告穩健的情況下,季內將實現更快的廣告復甦。雖然市場關注快手的短視頻同業競爭,與市場於重新開放下使用的時間放緩,但該行料快手今年盈利或將持續上調,主要由於公司收入增長穩定,以及積極的組合轉變與持續的成本管控帶來的毛利率擴張。 具體而言,該行預期快手第二財季收入按年增長逾25%,主要由於廣告增長27%(電商廣告升54%,非電商廣告升8%)、其他服務增長55%(傭金升58%)、直播業務增長16%,以及非通用會計準則下淨利潤預測達13億元人民幣,意味着淨利潤率達4.9%。展望第三季及第四季,儘管基數較高,但料公司收入將持續按年增長20%及21%,毛利率改善至4.1%及5.9%。 該行重申對快手的正面看法,看好公司於電商及廣告領域的市場份額加速增長,盈利能力改善速度勝預期。對其目標價續爲90元,維持「買入」評級。
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