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華泰證券:快手(01024.HK)因費用高拖累短期盈利 惟用戶時長及粘性提升
阿思達克 09-07 11:10
華泰證券近日發表報告表示,快手(01024.HK)在業務擴張、業務優化和生態建設方面的高額花費或將影響其短期盈利能力。該行仍然非常看好快手在不斷發展且具備強大社會信任的社群帶來的潛在價值,預計快手將穩步受益於網絡效應和變現能力的改善,從而鞏固其在行業中的領先地位。維持「買入」評級,下調對其目標價,由215.64元降至165.5港元。 該行指,快手今年第二季收入按年增長48.8%,按季增長12.5%至191億人民幣,主要得益於其線上營銷服務快速增長。由於營銷推廣和研發費用較高,今年第二季非國際財務報告準則下調整後淨虧損達到47億人民幣。快手App平均DAU按年增長11.9%,按季下降0.7%至2.932億,月活躍用戶(MAU)按年增長6.7%,按季下降2.6%至5.06億。快手用戶粘性(DAU/MAU)達到57.9%(按年增長2.7個百分點)。 華泰證券表示,快手於今年上半年實現用戶群按年大增,用戶粘性和用戶時長均有所增加。每DAU在快手App的單日平均用戶時長增加至106.9分鐘(按年增長25.2%)。截至今年第二季季末,快手App上的相互關注用戶對數已達到126億(按年增長60%),該行認為這顯示了快手生態系統內用戶間的強大信任基礎。同時,快手在海外也實現了快速增長,2021年6月海外MAU超過1.8億。該行預計用戶群將持續增長,海外MAU到2021年底或將超過2億。 快手在今年第二季的直播收入72億人民幣,按年下降13.7%,按季下降0.8%,主因疫情影響導致基數較高。該行認為快手旗下直播業務或將在今年下半年恢復按年增長,預計2021年的按年下滑幅度小於10%。
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