《大行報告》美銀證券料快手-W(01024.HK)次季毛利改善 評級「買入」
美銀證券發表研究報告指,快手-W(01024.HK)將公布第二季業績,指出投資者對疫情及封城措施為收入帶來的壓力已早有預期,同時憧憬成本控制措施推動次季毛利改善。
該行預期第二季收入將達到208億元人民幣,按季計料微跌,按年計則料增長約9%,當中線上廣告收入料增長9%至108億元人民幣,電商業務及直播業務預期表現保持穩定。
美銀證券指出,雖然封城令商業活動減少,拖累線上廣告營銷需求,廣告價格被壓低,但仍部分受惠於流量增長,匹配算法升級和商品庫存單位(SKU)增長,預期下半年電商業務復甦速度較廣告快;直播業務第三季料適度增長。
假設線上廣告需求逐步復甦,美銀下調2023年盈利預測,但維持2024年每股盈利預測,估計按照通用會計準則(GAAP),快手可望於2024年扭虧為盈,重申「買入」評級,目標價117元。
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