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一文綜合大行於快手(01024.HK)公布業績後最新目標價及觀點
快手-W(01024.HK)昨日(22日)收市後公布截至6月底止第二季業績,今早股價造好,最新報63.35元升1.4%。摩根士丹利指,快手次季業績並無太大驚喜,但公司受持續的生態圈經營改善及下半年推出貨架電商平台支撐,該行維持對快手「增持」評級,目標價為85元,為2024年預測市盈率20倍,基於淨利潤率13%推算。該行指,盈利預測上調基於盈利率推動,抵銷宏觀環境轉弱導致保守的收入增長預測。 公司公布今年第二季非國際財務報告準則經調整利潤26.94億元人民幣,去年同期虧損13.12億元人民幣。期內利潤14.81億元人民幣,對比去年同期虧損31.76億元人民幣。收入按年升28%至277.44億元人民幣。季度線上營銷服務收入按年升30%至143億元人民幣,期內平台活躍廣告主數量較去年同期升近倍,電商業務商品交易總額按年增長近39%。第二季度應用平均日活躍用戶及月活躍用戶分別按年升8%及15%,至3.76億及6.73億,用戶社區規模創新高。每位日活躍用戶日均使用時長117.2分鐘。截至6月底止中期,非國際財務報告準則經調整利潤27.36億元,對比去年同期虧損50.34億元。利潤6.05億元,對比去年同期虧損94.3億元。 【摩通料收入組合轉移利好盈利率增長】 摩根大通指,縱使市場已在盈喜後上調對快手第二季業績預測,快手在收入、電商毛交易總額及盈利率仍顯著勝市場預期。即使季度錄得稅務收益輕微提振盈利,但經調整經營溢利仍較該行預測高1.02倍,主要基於毛利率勝該行預期3.5個百分點。該行相信毛利率改善是基於可持續的收入組合轉向高毛利廣告及電商,並預期直播業務變現進一步提振收人組合轉移,意味市場會在公司公布業績後上調盈利預測。該行給予快手「增持」評級及80元目標價。 富瑞上調對快手目標價由108元升至113元,維持『買入」評級。該行預測快手第三季收入按年升18%至274億元人民幣,其中直播收入按年升7%至96億元人民幣,毛交易總額年升30%至2,890億元人民幣;線上廣告收入按年升24%至143億元人民幣;其他收入按年升35%至35億元人民幣。毛利率約50%。該行亦預期快手第三季本土經營溢利與第二季相若,海外業務虧損亦按季相若,非國際財務報告準則經調整利潤與第二季相若,即約27億元人民幣。 ----------------------------------------- 本網最新綜合8間券商對其投資評級及目標價: 券商│投資評級│目標價 富瑞│買入│108元->113元 大和│買入│92元->95元 匯豐環球研究│買入│87元->90元 瑞銀│買入│86元->90元 美銀證券│買入│85元->86元 摩根士丹利│增持│85元 里昂│買入│78元->83元 摩根大通│增持│80元 券商│觀點 富瑞│市佔增長繼續,基本因素改善勝預期 大和│上調今明兩年每股盈利預測 匯豐環球研究│增長引擎仍開著 瑞銀│視快手為股價合理的增長股 美銀證券│電商及廣告業務上軌道,盈利能力加快 摩根士丹利│市佔增長及經營槓桿於下半年持續 里昂│電商業務強勁增長 摩根大通│次季業績勝於經上調預期
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