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《大行》海通國際大幅上調快手(01024.HK)目標價47%至91元 料次季調整後純利50億人幣
阿思達克 07-28 15:35
海通國際發表報告,料快手-W(01024.HK)次季總收入為346億元人民幣(下同),按年增長12%。其中,直播收入預計按年增長5%,線上廣告收入按年增長13%,電商GMV按年增長15%,對應收入為34億元。盈利能力方面,次季調整後淨利潤預計為50億元,對應淨利潤率為15%。 展望2025財年全年,該行預計快手總收入為1,415億元,按年增長12%,非通用會計準則(non-GAAP)淨利潤為200億元,按年增長14%,對應淨利潤率為14%。其中,直播、線上廣告和電商收入分別預計為380億、825億及210億元。 該行表示,快手主營業務收入保持穩健,盈利能力持續改善。線上廣告、直播和電商增長速度仍快於行業平均水平,同時費用得到嚴格控制。海外業務在2025年第一季已實現盈利,預計第二季亦將如此。人工智能投資對利潤率的影響為1至2個百分點。因此,對於2025年第二季和全年,該行預計調整後淨利潤分別為50億和200億元,對應調整後淨利潤率分別為15%和14%。 在快手穩健的傳統業務和可靈AI快速崛起的背景下,海通國際對其2025年non-GAAP淨利潤200億元應用18倍市盈率(此前為12倍),目標價相應由原先62港元大幅上調47%至91港元。考慮到可靈AI的領先地位和主營業務的健康增長。維持「優於大市」評級。
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