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《大行報告》匯豐研究下調快手(01024.HK)目標價至120元 評級「買入」
阿思達克 08-26 10:37
匯豐研究發表的報告指,快手(01024.HK)次季表現勝預期,不過短期挑戰仍在,故下調對其收入及盈利預測以反映競爭加劇及監管不確定性,相信中國短視頻市場有空間予多於一家公司參與,而海外投資亦開始見成果,維持「買入」評級,目標價由200元降至120元;亦料現價短期下行空間有限。 該行指出快手短期股價仍波動,該行承認早前低估了短期監管影響及競爭帶來的利潤壓力,而次季廣告和電商收入表現強勁增長,高於該行原先預期,惟短期增長或會受阻。在廣告業務方面,監管針對教育及線上遊戲的影響估計會帶來影響,而第三季為電商傳統宣傳淡季,估計將為下半年帶來拖累。而電商方面次季GMV遜預期,部分影響被較高抽成所抵銷,相信GMV增長將緩和而抽成將按季有所下跌。在直播方面次季收入跌14%,主要因為競爭激烈,估計跌勢在第四季前難轉向。 該行將公司2021至2023年收入預測降4%至6%,以反映競爭格局,並提升了對公司成本的估算等。即使公司計劃削減海外投資,整體銷售及營銷成本仍維持高位,將公司2021至2022年經調整淨虧損預測擴大9%至35%。
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