《大行》中金上調快手(01024.HK)目標價至80元 可靈AI如獨立分拆估值60億美元
中金研究報告指,根據POE調查報告,快手-W(01024.HK)可靈系列AI影片工具全球市佔率達30.7%,現階段聚焦有穩定創作需求的群體,先逐步滲透專業市場,聚焦高價值用戶。團隊重視投入可帶來收入、實現正向ROI,當前在推理層面已實現盈虧平衡。據該行測算,可靈AI目前P端付費滲透率只有個位數百分比,較成熟的內容製作生產力工具10%以上水平有較大空間,認為隨著內容製作需求升級、付費滲透,有望逐步提升。至於B端,則有望向工業設計等領域拓展。
該行估算可靈AI如獨立分拆,估值約為60億美元。考慮到可靈賽道佈局領先性及集團生態升級,將快手目標價上調21%至80元,維持盈測及「跑贏行業」評級。
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