《大行報告》瑞信下調快手-W(01024.HK)目標價至120元 評級「跑贏大市」
瑞信發表研究報告指出,快手-W(01024.HK)首季收入按年增長24%至210億元人民幣,較該行預期高出2%,主要由於直播業務及電商業務收入超預期。日均活躍用戶按年增長17%,每位日活躍用戶日均使用時長為128分鐘創新高。毛利率41.7%符合預期,經調整淨虧損37億元人民幣,好過市場預期。
該行就疫情對快手第二季業務影響作出初步評估。在電商業務方面(見底),自3月中旬以來物流中斷,而在疫情正常化後,公司見到5月 / 6月有復甦跡象;廣告業務方面(弱),相關支出放緩,尤其是來自外部的廣告商,該行料在宏觀不確定性下,復甦周期將有所延後;直播業務方面(正面),近期監管影響可控;流量方面,相信用戶留在家中,對用戶趨勢和使用時長有利。
瑞信認為,雖然宏觀經濟較弱,但相信快手表現應好過同業,對其目標價由155元下調至120元,維持「跑贏大市」評級。
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