《大行报告》瑞信:快手-W(01024.HK)次季毛利率远胜预期 评级「跑赢大市」
瑞信发表研究报告指,快手-W(01024.HK)第二季毛利率远胜预期,受惠电商业务,收入高于预期5%,平台成交总额增长32%,高于该行预测的增长25%。同时经调整净亏损收窄至13亿元人民币,远低于瑞信预测的亏损26亿元人民币;内地业务亦提前首次实现盈利。
展望未来,该行预期受疫情及季节性因素影响,快手的电商业务第三季增长将轻微放缓,并在第四季再次回升,有望实现全年平台成交总额9,000亿元人民币的目标。
瑞信轻微调整快手今明两年每股盈测,并维持目标价120元及「跑赢大市」评级,认为快手具有强劲的流量增长及跨细分市场份额增长势头,有助于抵御宏观不确定性。
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