《大行報告》大摩料快手-W(01024.HK)上季業績仍穩健
摩根士丹利發表研究報告指,預期快手-W(01024.HK)增長動力繼續跑贏同業,去年第四季利潤料勝預期,2025年預測市盈率與京東(09618.HK)及阿里(09988.HK)等一致,增長勢頭強勁。
該行預測快手去年第四季收入將按年增長16%至328億元人民幣,主要受電商等其他收入按年增長41%,以及廣告收入按年增長22%的推動;而直播收入料按年持平。上季毛利率預期按季提升至52%,非國際財務報告準則淨利潤預測達到40億元人民幣,較市場預測高出25%。
短視頻及小遊戲的增量貢獻推動下,大摩預測快手去年第四季外部廣告收入按年增長超過10%,延續第二及第三季增長步伐。電商GMV預期亦保持強勁,料按年增長29%。
展望2024年,大摩預計快手下半年日活躍用戶量(DAU)可突破4億人,全年增長3%,維持「增持」評級,目標價為70元不變。
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