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《大行報告》高盛首予快手-W(01024.HK)「買入」評級 目標價112元
阿思達克 09-26 10:42
高盛發表報告,首予快手-W(01024.HK)「買入」評級,目標價112元。報告指,自公司8月底發布第二季業績以來,快手股價已經調整26%,符合熊市情況下的估值。 高盛指,快手在過去兩個月的人事變動後,投資者正等待管理層在接下來的幾個季度中發出更清晰的訊號,以及新業務對成本控制和利潤率的影響。具體而言,包括非電商廣告收入恢復到按年正增長、電子商務商品成交金額的增長高於行業水平、營運利潤率進一步連續改善。 高盛預計,快手廣告業務在第三季增長仍然緩慢,但從第四季開始將逐漸恢復。同時預計快手第三季商品成交金額增長20%的指引仍然不變,並期待管理層在首席執行官直接負責該部門後作出新的電子商務戰略,9月底或10月舉行的商家大會將是一個值得關注的關鍵事件。 該行預計,快手將受惠於下半年全行業用戶獲取成本(CAC)的下降。長期而言,該行預計快手將繼續積極削減營業成本,提高用戶獲取效率,預計在2025年,內地和集團的經營利潤率將分別達到20%和15%,營業費用銷售率為25%。
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