《大行報告》野村下調快手(01024.HK)目標價至85元 評級「買入」
野村發表報告,將快手(01024.HK)目標價由100元下調至85元, 評級「買入」。另將2022和2023財年收入預測分別降低4%和2%,但由於成本削減,經調整經營利潤率預測提高2.4個百分點和1.3個百分點。
野村指,快手首季總收入按年增長24%,比市場共識和該行預測高2%。而網絡廣告收入按年增長33%,符合該行預期。電商和其他收入按年增長55%,比該行預期高3%。經調整經營虧損率按年收窄19個百分點至負15%,好於該行預計的負20%。
該行預計,受疫情影響,快手次季的廣告收入將按年增長7%,增速較首季放緩。至於電商業務則受到封控的嚴重打擊,導致電商物流網絡和供應鏈中斷。不過,5月以來情況已有改善,但與正常狀態相比仍有很大差距,預計電商GMV在次季將按年增長21%,低於第一季度的48%增長。
野村認為,快手可以在今年餘下的時間加強成本控制,以彌補收入上的差距,從而實現利潤率目標。目前預計在積極的成本控制下,經營利潤率在2022財年將按年提高15個百分點至負9%。
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