《大行報告》中信証券﹕快手-W(01024.HK)第三季利潤有望優於預期 廣告和電商業務保持強勁
中信証券發表報告,預期快手-W(01024.HK)第三季度收入增速符合市場預期、利潤表現有望優於市場預期,主要受惠廣告和電商表現強勁,其中用戶增長和黏性維持良好;料廣告業務收入145.45億元人民幣,按年升25.5%,主要受惠於內循環的強勁增長和外循環的持續恢復;電商生態有望持續向好發展,第三季電商GMV預計達2,915.01億元人民幣,按年增31%,雙11策略已就準備就緒。
該行指,快手作為國內短視頻平台龍頭,有望持續優化產品模式、內容戰略及商業化能力,同時有望把握經濟復甦機遇,實現流量和商業化收入的持續增長,看好公司降本增效戰略推進、以及平台生態和商業化增長動力,未來毛利率、銷售費用率和淨虧損率也有望持續優化,維持「買入」評級,目標價看90元不變。
該行預期,集團第三季快手平台DAU達3.84億,按年升5.7%;直播收入料95.73億元,按年增7%,國際化業務虧損可望持續收窄。
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