《大行報告》瑞信:快手-W(01024.HK)次季毛利率遠勝預期 評級「跑贏大市」
瑞信發表研究報告指,快手-W(01024.HK)第二季毛利率遠勝預期,受惠電商業務,收入高於預期5%,平台成交總額增長32%,高於該行預測的增長25%。同時經調整淨虧損收窄至13億元人民幣,遠低於瑞信預測的虧損26億元人民幣;內地業務亦提前首次實現盈利。
展望未來,該行預期受疫情及季節性因素影響,快手的電商業務第三季增長將輕微放緩,並在第四季再次回升,有望實現全年平台成交總額9,000億元人民幣的目標。
瑞信輕微調整快手今明兩年每股盈測,並維持目標價120元及「跑贏大市」評級,認為快手具有強勁的流量增長及跨細分市場份額增長勢頭,有助於抵禦宏觀不確定性。
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