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《大行報告》大摩:快手(01024.HK)投資者日分享營運策略 料可提升市場份額
阿思達克 09-22 11:15
快手-W(01024.HK)今早股價造好,最新報63元升4.3%。摩根士丹利發表報告表示,參與了快手舉行投資者會議的首日會議,公司管理層分享其使用者與內容生態系統、電子商務的框架、廣告、直播、人工智慧/科技、本地服務和海外業務的策略框架。該行認可快手所進行的努力,料可以轉化進一步提升市場份額,令其中期利潤率改善。 就電商業務方面,大摩指快手定位為基於信任的電商平台,提供低價優質產品,令公司在消費疲軟下能分一杯羹,該行估計大約三分之一的付費用戶來自一線及二線城市,三分之二來自低線城市。公司今年第二季的月付費用戶(MPU)按年升17%至1.1億戶以上;受益較高購買頻率,每位付費用戶平均收入(ARPPU)按年升14%。該行亦指快手在「雙11」前將可推出「貨架式」電商。 廣告業務方面,大摩指快手在內地相關廣告市佔率,從2022年第二季的4.7%,升至2023年第二季的5.1%,相對快手在中國網路用戶花費時間市場佔有率10%(2023年第三季度每日視頻播放量高達1,000億次,從2021年第二季到2023年第二季度視頻播放量的複合年增長率為21%)。根據廣告行業研究報告,72%的廣告客戶計劃增加對短影片的預算分配。快手也受益於用戶由於農村人口收入成長。 大摩維持對快手「增持」評級及目標價85元。
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