《大行》交銀國際升快手(01024.HK)目標價至90元 關注可靈提升長期變現潛力
交銀國際研究報告表示,快手(01024.HK)今年第二季總收入按年增13%,基本符合該行預期,經調整淨利潤56億元人民幣,按年增速20%,超過該行預期10%,主要因毛利率及營銷費用率持續優化。
該行預計快手第三季的電商總交易額(GMV)按年增15%,基於多場域的頻次提升爲主要驅動,達人分銷及營銷託管或帶動傭金收入增速快於GMV增速。廣告收入料增13%,低於此前一致預期,主要因本地生活平臺減少廣告投放預算及巴西支付渠道政策調整。可靈持續釋放商業化增量,公司上調全年收入指引至1.25億美元,仍有進一步超預期機會。
交銀國際小幅上調快手今明兩年的經調整淨利潤預期,並將估值切換至2026年,基於15倍市盈率,上調目標價至90港元,維持「買入」評級。該行看好快手泛貨架等多場域營運提升跨場景電商復購,可靈維持影片生成領域圖生影片技術能力及商業化變現領先,關注長期多場景滲透進展及AI對平臺生態及商業化賦能。
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