《大行報告》麥格理升快手-W(01024.HK)目標價至61元 料未來毛利率穩定擴張
麥格理髮表報告指,預計快手-W(01024.HK)將繼續受惠於短視頻平臺的利好因素,料收入錄得健康增長,且毛利率穩定擴張。該行預計,集團去年第四季收入按年增16%,其中直播收入增1%,網路營銷服務收入升20%,而其他收入則增39%。
該行預計,集團上季電商GMV將按年增30%至2,900億元人民幣,電子商務收入料增35%至138億元人民幣。該行相信,電子商務收入增長快速是由於KOL收入分成增加及傭金收入率擴大,但部分被基於貨架的銷售比例增加所抵銷。
麥格理重申對快手潛在營運槓桿的積極看法,而隨着海外計劃的成本削減,預計經調整營運利潤將按年增長84%,到2024年料將達183億元人民幣,意味着經調整營運利潤率將增加5.5個百分點,並於未來幾年持續擴張。該行分別上調集團2023及2024年的盈測4%和5%,以反映較佳的成本控制及利潤表現,目標價上調4%至61元,評級「跑贏大市」。
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