富瑞:維持快手(1024.HK)“買入”評級 目標價140港元
富瑞發表研報,重申快手(1024.HK)將持續在廣吿和電商市場上搶佔份額,預料去年第四季各業務的收入理想,並下調對銷售與營銷費用的預估。該行認為,用户長期增長的前景不變,維持快手“買入”評級,目標價140港元。
報吿估計,快手去年第四季總收入按年增長約28%至230億元(人民幣.下同)。當中,廣吿業務收入按年增長50%至128億元,電商業務則料能實現年度目標,整體毛利率或超過40%。而受益於在不同渠道吸納用户的戰略,營銷費用佔銷售額的比重料按季減少8個百分點至46%。
報吿預期,快手去年第四季經調整淨虧損為38億元,去年同期為淨虧損55億元。期內,日均活躍用户量按季持穩,按年則增18%至3.2億。
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