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《大行報告》匯豐研究降快手-W(01024.HK)目標價至72元 廣告增長將更加強勁
阿思達克 03-21 16:50
匯豐環球研究表示,對快手-W(01024.HK)廣告收入展望更為正面,料按年升21%,受惠於廣告產品升級吸引更多中小企廣告。但無法抵銷直播收入下降加劇。該行指,收入質素改善可提振利潤率,收入組合轉向廣告及電商,進一步優化流量併購及維護,頻寬成本及收入分成比率,以及在內容及廣告材料引入人工智能,能夠貢獻更好的利潤。 該行下調快手今明兩年收入預測1%至2%,但上調淨利潤預測12%及26%,維持「買入」評級,但長期收入增長預期下調,促使該行把目標價由78元降至72元。 該行認為,快手股價在業績持續勝預期下跑輸,或基於投資者降低風險,廣告及電商市佔增長落後於抖音,以及字節跳動回購設定估值的市盈率低於快手。但有關問題不改變快手為唯一短視頻上市公司的狀況,且2024年預測市盈率僅13倍,對比兩年盈利年複合增長率40%屬吸引。
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