《大行報告》花旗下調微盟集團(02013.HK)目標價至10.5元 評級「買入」
花旗發表研究報告指,微盟集團(02013.HK)將公佈2021年業績,考慮到宏觀經濟情況,預計收入及盈利將遜於預期,廣告增長料放緩,商家解決方案業務相對具韌性。
該行指,廣告市場放緩,令營銷雲業務表現暗淡,由於收入增長放緩及研發營銷團隊規模擴張,預期經調整後虧損可能高於預期,相信宏觀經濟的影響將持續到今年上半年,至下半年開始纔有所改善,將2021至2023年經調整淨虧損率預測調整至-26%、-13%及-5%,目標價由20元下調至10.5元。
花旗表示,仍然看好微盟長遠前景,給予「買入/高風險」評級,指出公司在電商SaaS領域地位良好,現金儲備充足,預測去年下半年營收達11.89億元人民幣,毛利率料收縮至49%,而經營虧損率達-48%,預期經調整後淨虧損爲5.22億元人民幣,對比市場預測爲虧損1.82億元人民幣。花旗預計,微盟將加強控制成本上漲,2022年虧損或將收窄。
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