一文综合大行於快手(01024.HK)公布季绩後最新评级、目标价及观点
快手(01024.HK)公布季绩後今早股价捱沽，盘中曾低见206元一度下挫11.3%，最新报207.8元跌10.5%。瑞银指快手首季直播业务收入则低於市场原预期3.4%，经营亏损率为42.8%，高於市场原预期3.9个百点；野村指快手季绩表现符预期，不过与对手抖音比较则较令人担忧，两者的日均活跃用户和平均使用时间差距扩大，指快手「先进者优势」近月正在递减。
快手昨(24日)收市後今年首季亏损577.5亿元人民币，去年同期蚀304.92亿元人民币；每股亏损20.31元人民币。按非国际财务报告准则，经调整亏损净额49.18亿元人民币，去年同期为亏损43.45亿元人民币；经调整EBITDA亏损41.97亿元人民币，同样较去年同期的37.18亿元人民币扩大。
公司首季营业额170.19亿元人民币按年升36.6%。经营亏损由去年同期的50.26亿元人民币增至72.92亿元人民币；首季平均日活跃用户为2.95亿，按年增长16.6%；平均月活跃用户5.2亿，按年升5%。每位日活跃用户日均使用时长由去年同期的85.2分钟增至99.3分钟；每名日活跃用户平均线上营销服务收入由12.9元人民币升至29元人民币。电商交易总额为1,185.6亿元人民币按年增219.8%。
【三券商降目标价 以反映投资较高】
大和指出，快手毛利率较该行预期为差，但不会视之为主要忧虑，基於公司今年核心目标为推动本土及境外高质量用户增长。长期而言，该行相信短视频平台搜寻功能将为公司提供高质量内容、及向目标用户提供增值服务的重要门户。该行亦指，快手首季广告业务在季节性因素影响下仍表现强劲，未来季度收入组合持续改变将有助毛利率恢复。该行给予快手「买入」评级，目标价350元。
美银证券指，快手在电商及网上广告持续录得快增长，料两者今年收入将分别按年升103%及120%。公司强调於生态系统、内容及用户参与上投资，并维持电商低佣金率及向广告联盟夥伴提供吸引力条款。该行指，基於投资影响，并下调目标价由353元降至303元，但重申「买入」评级。
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本网最新综合6间券商对其投资评级及目标价，3间券商下调目标价，全数给予「买入」或「增持」评级。
券商│投资评级│目标价(港元)
瑞银│买入│432元
杰富瑞│买入│395元
大和│买入│350元
美银证券│买入│353元->303元
摩根士丹利│增持│350元->300元
野村│买入│333元->273元
券商│观点
瑞银│首季收入符预期，但亏损仍巨大
杰富瑞│稳固用户基础及参与支持业务动力强劲
大和│经营指标强劲
美银证券│收入组合改变，为增长投资
摩根士丹利│季绩符预期，因高投资降目标价
野村│收入符预期，盈利表现逊预期
(fc/w)
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