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快手-W(01024.HK):創作者服務再升級 服務商效率持續優化
格隆匯 08-05 11:40
公司近況 快手於7 月29 日和8 月4 日舉辦2022 快手光合創作者大會和2022 造風者·快手電商服務商大會,兩場大會分別圍繞平台創作者生態和服務商體系進行了成果回顧與發展展望。 評論 社區生態加速繁榮,創作者扶持政策再升級。在公司2021 光合大會推出的“百億流量,十億現金”創作者扶持計劃的穩步推進和差異化的價值主張等優勢驅動下,平台近一年來創作者及內容生態加速繁榮。整體內容供給方面,2Q22 平台發佈作品數同比增長40.5%,2022 年6 月平台萬粉創作者人數超200 萬,同比增長40.8%;垂類內容供給方面,公司成功打造短劇、體育、泛知識等特色品類。2022 光合大會上,公司表示將進一步升級創作者扶持政策:未來一年預計將投入十億人民幣、千億流量全程扶持各階段創作者,並通過服務和產品升級助力創作者更好成長。 商業化多線推進,助力創作者高效變現。公司表示:線上營銷業務,磁力聚星作為達人營銷的主陣地,截至2022 年6 月入駐達人接近170 萬,2021 年達人訂單規模同比增長200%,未來公司將圍繞磁力聚星的產品、服務等方面升級,進一步釋放創作者商業價值;電商業務,快分銷作為達人和商品的匹配工具,1H22 GMV同比增長116%,未來公司將持續推進快分銷的優質供應鏈建設,不斷提高商家品質門檻;直播業務,1Q22 快手直播MAU/MPU分別同比增加28%/7.8%,未來公司將投入5 億人民幣、30 億流量激勵優質內容創作及主播成長,此外快手也將通過快招工、快相親等“直播+”形式拓寬主播變現空間。我們認為,公司為創作者提供的更大力度扶持政策、更全面的產品和服務、更多元的變現模式,有望全方位助力創作者加速成長及生態繁榮。 服務商效率持續提升,造風者2.0 計劃啟動。公司持續推進“大搞服務商” 戰略,助力商家實現確定性成長躍遷,根據2022 造風者大會數據,近一年服務商服務的冷啟中小商家較未被服務的中小商家GMV增速高35%,服務商服務的首次破50 萬粉絲的商家冷啟時間縮短20%。此外,此次大會上公司推出造風者2.0 計劃,升級工具、產品助力商家和服務商進一步精細化運營。我們認為,伴隨着服務商在內的基礎設施的日益成熟,直播電商業務有望成為公司收入新增長引擎,維持2022 年9,000 億元的GMV目標不變。 盈利預測與估值 維持2022 年和2023 年盈利預測不變。當前股價對應2022/2023 年3.2 倍/2.6 倍P/S。維持跑贏行業評級和112 港元目標價,對應2022/2023 年4.4倍/3.6 倍P/S,有40.3%的上行空間。 風險 用户或商業化增長不及預期,成本或費用高於預期,內容及監管風險。
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