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《大行報告》高盛輕微上調快手-W(01024.HK)目標價至88元 維持「買入」評級
高盛發表研究報告指,快手-W(01024.HK)第三季收入符合預期,非國際財務報告準則淨利潤分別超出高盛及市場預期17%和21%。該行認為,業績再次證明集團在廣告和電子商務中的份額持續增長,而這是由傳統廣告及電子商務平台的結構性轉變所推動,另外,持續的組合轉變和營運開支管理亦推動利潤率提升。 該行表示,快手在電商廣告收入推動下,收入按年增逾20%,而用戶滲透率和購買頻率持續提高,電商GMV增長強勁,按年升30%。由於GMV組合變化和集團自願縮減貨幣化規模,其電商變現率(take rate)擴張暫停。在電商利潤上升、成本持續削減、用戶獲取和效率提高的帶動下,利潤率持續穩步提升。雖然銷售推廣開支按年跌2%,但受惠於內容生態改善,參與度仍維持健康增長。 該行重申看好快手,因為其在廣告和直播領域的份額加快增長,盈利提升能力快於預期,而且估值不高。該行維持集團「買入」評級,目標價88元。
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