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海通國際首予微盟(02013.HK)「優於大市」評級 每股合理值12.86至15.14元
阿思達克 12-09 11:57
海通國際發表報告表示,首予微盟(02013.HK)「優於大市」評級,預計公司明年合理估值區間為245.75億至289.4億元人民幣,對應每股合理價值區間為12.86至15.14港元。

該行指,微盟主要通過微信朋友圈、QQ、騰訊新聞等騰訊系媒體,向廣告主提供精準營銷服務。2016、2017和2018首季,公司在騰訊系流量採買金額佔到總交易金額的96.9%、97%和98%。2019年微盟針對新興的短視頻渠道,成立了短視頻中心,提升更寬媒體流量資源的合作。該行認為微信公眾號、短視頻等私域流量程序化投放,相對傳統的媒介代理模式變現效果更高、轉化率更好,越來越受到廣告主的青睞。

海通國際料,微盟SaaS(軟件即服務)業務仍處於高速增長期,於2020年至2022年商業雲及營銷雲服務仍將保持50%以上營收增速增長,指公司精準營銷業務公司聚焦私域流量,未來隨著短視頻等新增渠道採購流量的增加,營收規模也有望保持高速增長。

海通國際料微盟2020年淨虧損3,175萬人民幣(每股全面攤薄虧損0.01元人民幣)、料2021年扭虧為盈可賺4.1億人民幣(每股全面攤薄盈利0.18元人民幣)、料2022年淨利潤7.34億人民幣(每股全面攤薄盈利0.33元人民幣)。

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