《大行報告》富瑞下調快手(01024.HK)目標價至121元 評級「買入」
富瑞發表研究報告指出,快手(01024.HK)首季收入按年增長23.8%至211億元人民幣,超過該行預期3%;非國際財務報告準則下經調整虧損淨額為37億元人民幣,好過該行預期淨虧損41億元人民幣。
該行認為,快手於內容策略方面的執行力強勁,公司首季應用平均日活躍用戶及平均月活躍用戶分別按年升約17%及15%,在日均使用時長按季保持穩定的情況下,相信第二季將維持相近的增長勢頭。
此外,由於疫情爆發,該行料約一半商家第二季的物流及倉儲受到影響,而購買頻率和平均支出亦於4月以來受到影響。估計快手電商次季總成交額按年增長22%至1,770億元人民幣,轉換率維持1%。至於直播業務方面料將按年增長10%,主要受付費用戶數量驅動。在營運費用方面,預計公司銷售和營銷費用下降,估計次季非國際財務報告準則下的淨毛利率在按季及按年的基礎上有所改善。目標價由136元降至121元,維持「買入」評級。
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