《大行報告》中金:快手-W(01024.HK)業績超預期 提前實現內地業務單季度盈利
中金發表報告指,快手-W(01024.HK)次季業績超預期,收入按年增13.4%至217億元人民幣(下同),好過該行預期的208億元與市場預期的207.2億元,主要由於業務復甦速度超預期。經調整淨虧損13.1億元,大幅好過該行及市場分別預期經調整虧損36.3億與29.1億元,主要由於公司對成本費率控制得當。
報告指,快手提前實現內地業務單季度盈利。其次季各業務線恢復超預期,電商方面,隨著公司對「信任電商」的進一步投入,全年有望完成9,000 億元GMV目標。至於快招工業務表現亮眼,月活躍去重用戶環增90%至2.5億人,快招工符合公司社區調性並能夠與公司的既有用戶群形成聯動,具備較大發展潛力。廣告方面,次季收入按年增 10.5%至110.1億元,內循環業務隨電商業務的回暖有所起色,但由於宏觀環境外循環仍承壓,恢復進程有不確定性。
中金指,基於快手對社區生態的持續營運以及暑期旺季效應,預計第三季用戶與時長按季或進一步提升,為變現構築良好基石。維持全年收入預測,由於營運效率提升,將全年經調整淨虧損由103.35億元下調至69.01億元,維持「跑贏行業」評級和目標價112港元。
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