You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
《大行》招商證券國際:Netflix(NFLX.US)第二季收入超預期 升目標價至1,423美元
阿思達克 07-21 10:34
招商證券國際發表研究報告指,Netflix(NFLX.US)在第二季收入111億美元,年增16%(第一季年增13%)表現超乎預期,收入持續強勁增長,利潤率擴大,營運利潤高出3%。該行又指,Netflix價格調整下持續帶來連鎖效益,包括上半年對美國、英國、阿根廷、葡萄牙、法國的價格上調,強勁的訂單管道將推動下半年表現。受外匯順風助力,Netflix上調全年收入預測約2.2%(中間值),至448億至452億美元。 招商證券國際又指北美(UCAN)及歐洲、中東和非洲(EMEA)持續為Netflix主要增量收入的貢獻地區。其中北美增長復甦至年增15%,較第一季的9%加速;亞太(APAC)保持最快增長趨勢,年增24%;其次為非洲年增18%。淨利31.3億美元,年增46%(第一季年增24%),超出預期2%。營運利潤率(OPM)年增6.8個百分點,達到新高34.1%(第一季為31.7%)。自由現金流(FCF)23億美元,按過去12個月基準年增25%。2025年第三季收入及利潤指引高於預期,收入115.26億美元,年增17%(超出2%),營運利潤率31.5%,淨利29.79億美元(超出4%)。 報道提及,Netflix強調,儘管推出付費共享及觀眾注意力競爭加劇,過去2.5年每戶擁有者的標準化參與度保持穩定。此外,因強勁內容及《魷魚遊戲3》等熱門作品支持,管理層對下半年提升參與度持樂觀態度。 招商證券國際認為Netflix因其低價定位及巨大的市場潛力,具備防守型增長特性;此外,其強勁的第二季表現,持續的內容實力賦予定價能力,故將上調了Netflix盈利預測,目標價上調至1,423美元,隱含2025、2026年預估市盈率(P/E)51倍、43倍及市銷率(P/S)14倍、12倍,評級「買入」。 招商證券國際認為,長期看漲情境下,Netflix股價達2,000美元是可行的,受到預計13%的收入年複合成長率(CAGR)及持續的營運利潤率擴張支持,與管理層的願景展望一致。
Follow us
Find us on Facebook, Twitter , Instagram, and YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
uSMART
Wealth Growth Made Easy
Open Account