《大行》瑞銀:市場誤解快手(01024.HK)與美團合作 重申快手「買入」評級
瑞銀研究報告指,近日有傳快手(01024.HK)與美團(03690.HK)合作拓展外送服務,引發市場憂慮過度競爭。該行認為市場錯誤解讀快手與美團合作的消息,相信是次舉措是快手進一步向美團開放其生態圈及流量,並有利於快手,因可帶來額外廣告需求;快手並不會直接參與外送業務。
另外,有投資者憂慮可靈AI用戶參與度按月下降。該行表示,自4月可靈AI 2.0版本上線後,該程式在美國iOS圖像設計類別應用程序的收入排名顯著提升,並於8月有進一步增長。該行認為付費指標較用戶指標更能反映業務表現,因用戶指標或受到媒體報道影響。
該行重申對快手的「買入」評級,認為近期市場過度擔憂;目標價95.37元。現價對應2025年預測市盈率13.6倍,而該行料2024至2026年每股盈利年均複合增長率達21%,認為估值具吸引力。
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