大和:重申快手(1024.HK)買入評級 目標價150港元
大和發表研究報吿指,快手(1024.HK)管理層重申其明年平衡用户增長及減低成本的計劃,如果良好執行,將可提升市場預期。該行重申其“買入”評級,目標價150港元。
大和指,快手2025年日活躍用户增長至4億,加強垂直領域如體育及短劇,如北京冬奧已獲播放許可。至於變現方面,快手目標廣吿負載量由9%提升至15%,每年提升約1個百分點。另外,獲取客户成本將於2022年穩定,目標本地業務於明年第四季達收支平衡。
最近以直播帶貨走紅的薇婭,遭中國政府以逃税罰款的名義,出手重罰13億人民幣。快手指,最頂尖的直播主佔電商總收入只有約10%,內容貢獻更少。
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