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《大行》瑞銀升快手(01024.HK)目標價至70元 首季業績符預期
瑞銀發表研究報告指,快手-W(01024.HK)今年第一季度業績符合預期,其中可靈(Kling)的商業化表現成為主要亮點,其首季收入按季增幅加速至逾90%,錄超過6.5億元人民幣,超出該行及市場預期。此外,3月可靈AI的年化收入運行率(ARR)近5億美元,按年增長超過4倍。雖然受到宏觀逆風影響,該行預期快手第二季的核心業務展望仍將疲弱,但管理層對可靈商業化的...
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《大行》瑞銀升快手(01024.HK)目標價至70元 首季業績符預期
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瑞銀發表研究報告指,快手-W(01024.HK)  -0.400 (-0.883%)    Short selling $525.13M; Ratio 17.800%   今年第一季度業績符合預期,其中可靈(Kling)的商業化表現成為主要亮點,其首季收入按季增幅加速至逾90%,錄超過6.5億元人民幣,超出該行及市場預期。此外,3月可靈AI的年化收入運行率(ARR)近5億美元,按年增長超過4倍。雖然受到宏觀逆風影響,該行預期快手第二季的核心業務展望仍將疲弱,但管理層對可靈商業化的態度積極,近期ARR的提升也令人鼓舞,因而將可靈第二季的收入預測上調至8.4億元人民幣。

瑞銀指出,快手第一季度總收入按年增長3%至337.16億元人民幣,符合預期;其中廣告、其他服務及直播收入分別按年變動升9.3%、15.9%及跌13.5%。雖然快手核心電子商務與廣告業務面臨宏觀挑戰,且可靈的持續擴張預計將對集團層面的計算和研發等盈利能力帶來額外壓力,但該行認為,市場對於可靈相關費用增長加快的保守預期已反映在股價中。該行維持對快手的積極看法,主因其主動奪取市場份額的策略正確、估值具吸引力,且可靈帶來的盈利影響已被市場消化。

瑞銀表示,由於對收入和利潤率的展望略為保守,故將快手2026年調整後淨利潤預測微調下調3%。然而,鑑於可靈的估值提升,該行利用分部加總法(SOTP)將快手的目標價由68港元上調至70港元,並維持「買入」評級。(ad/da)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-05-28 16:25.)

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