《大行報告》高盛:快手-W(01024.HK)宏觀不確定下毛利率提升能見度高
高盛發表報告指出,自去年初以來,市場普遍將快手-W(01024.HK)今年盈利預測上調70%,但隨著預測市盈率估值,由30倍降至近期的11倍,股價表現跑輸。
然而,該行認為儘管存在宏觀不確定性,但快手透過流量變現/電商交易總額變現率增加等,令毛利率恢復/盈利在今年提升能見度高,相信其估值再下跌空間非常有限,並預期公司盈利增長將推動未來12個月的股價表現,該行料今明兩年公司每股盈利增長預測為74%及49%。
高盛將快手2023至2025年每股盈利預測上調5%至7%,淨利潤率上調0.4至1.3個百分點。對其目標價由88元下調至82元,維持「買入」評級及「確信買入」名單。另預期,公司去年第四季電商業務收入按年增長42%,超過交易總額增幅(按年增長30%);廣告業務收入按年增長20%;毛利進一步擴大,毛利率及經調整淨利潤率升至52.5%與9.9%,相對於2022年第四季的增長45%及持平為高。
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