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《大行報告》野村下調快手(01024.HK)目標價至68元 評級「中性」
野村發表研究報告指,快手(01024.HK)在生態系統方面表現出良好的變現能力,目前電商業務是最主要收入增長動力及最大收入來源,預測今年電商收入將按年增長49%,爲收入貢獻約39%,電商GMV料增長32%。 然而進入2024年,野村認爲快手或要面對直播電商飽和,以及來自騰訊(00700.HK)旗下視頻號競爭加劇的挑戰,預測中國直播電商行業正邁向結構性放緩,明年行業GMV增長率料進一步降至20%以下。 野村將快手2023及2024年盈利預測上調12%及15%,收入預期基本保持不變,由於行業整體評級下調,重申對快手的「中性」評級,並將目標價從72元下調至68元。 野村表明更看好騰訊的視頻號發展,認爲騰訊近年銳意進軍短視頻及直播市場,將對廣告業務發展有利。
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