知乎港股領漲20% 花旗銀行看好其淨現金儲備和長期變現空間
2月17日,知乎繼續延續高漲趨勢。今日港股開盤上漲逾20%,報15.3港元。自2月10日以來,知乎港股連日爆發,漲幅超過60%。花旗銀行發表評論稱,隨着盈虧平衡目標的臨近,知乎淨現金狀況將進一步改善,同時DeepSeek-R1的接入,有助於知乎加速釋放平臺內容價值並打開長期變現空間。
財務層面,知乎有着日益成熟的多引擎商業模式,並不斷提升運營效率。知乎也連續兩個季度創造上市以來減虧幅度、淨虧損額度最佳紀錄,超出市場預期,單季度盈利在望。2024年第三季度,知乎的毛利率達到63.9%,遠超同等內容平臺水平。知乎賬面淨現金約50.0億元人民幣,而其現有市值僅約淨資產值的一半,成爲資本市場重點關注的價值投資標的。
與此同時,知乎旗下AI搜索產品知乎直答接入DeepSeek-R1模型,這一動作被部分券商視爲將有助於知乎提升未來商業化空間潛力,這也是內容平臺受到資金追捧的一大背景。
花旗銀行透露,近期收到越來越多對於知乎的問詢,市場對知乎淨現金水平(較市值高出74%)和現有回購計劃(約流通股10%)的認可度也有所提升。花旗銀行認爲,在內容層面,知乎的社區生態和優質語料,在內容價值層面有一定優勢;在財務層面,隨着知乎盈虧平衡的臨近,其淨現金狀況可能進一步改善,與此同時,接入DeepSeek R1模型將有助於知乎加速釋放平臺內容價值並打開長期變現空間。
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