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《大行》摩通微升快手(01024.HK)目標價至71元 重申爲內地數碼娛樂板塊首選股
阿思達克 05-30 09:53
摩根大通發表報告,考慮快手-W(01024.HK)管理層對可靈AI收入增加持樂觀態度,並預期今年第二季度線上廣告收入按年增長將加速至雙位數,且可靈AI的貨幣化進展加快等,該行將快手目標價由原先70元輕微上調至71元,相當於預測明年市盈率12倍,續予「增持」評級,重申爲內地數碼娛樂板塊首選股。 該行引述管理層預期可靈AI貨幣化進展加快,該行對可靈AI全年收入預測從原先4.5億元人民幣(下同)上調至7.5億元。,預期快手今年下半年線上廣告收入進一步加速,將驅動第三季度、第四季度盈利按年分別增長27%及23%,並臨動快手獲估值重評(現估值相當於預測今年市盈率10倍屬吸引)。 該行重申快手爲內地數碼娛樂板塊首選股,原因包括(1)快手的廣告和電商業務尚未充分貨幣化,預計未來幾年其增長速度將快於整體廣告市場(預測2026至27年廣告和電商傭金收入複合年增長率爲13%)。快手的用戶流量保持穩定(日活躍用戶按年增長4%至4.08億),儘管微信視頻號增長迅速;(2)收入結構偏向高利潤的廣告、電商業務應推動利潤率擴張,預計2026至27年利潤複合年增長率達20%;(3)可靈仍是頂尖AI視頻生成模型,收入增長迅速。
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