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《大行》海通國際:快手(01024.HK)如分拆可靈 股價可望見84元
海通國際發表報告,指出近期市場討論快手-W(01024.HK)分拆可靈(Kling)的可能性,帶動其股價於5月5日至8日期間上漲約20%。該行認為,未來分拆的可能性較大。該行提出四點理由,包括可靈在快手核心業務增長放緩下被低估;分拆可為其擴展融資渠道,減輕快手自身的AI資本開支負擔,尤其同業正加大AI投資;減輕資本開支壓力有助快手傳統業務的估值修復;以及分拆...
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《大行》海通國際:快手(01024.HK)如分拆可靈 股價可望見84元
Recommend
42
Positive
70
Negative
16
 
 

海通國際發表報告,指出近期市場討論快手-W(01024.HK)  -1.400 (-2.644%)    Short selling $1.16B; Ratio 30.981%   分拆可靈(Kling)的可能性,帶動其股價於5月5日至8日期間上漲約20%。該行認為,未來分拆的可能性較大。

該行提出四點理由,包括可靈在快手核心業務增長放緩下被低估;分拆可為其擴展融資渠道,減輕快手自身的AI資本開支負擔,尤其同業正加大AI投資;減輕資本開支壓力有助快手傳統業務的估值修復;以及分拆有助留住頂尖人才。

在分拆上市的假設下,海通國際預期快手的股價或可達到84港元。該估值基於核心業務8倍的2026財年預期市盈率,以及可靈25倍的2027財年預期年化經常性收入倍數(P/ARR),預期快手核心業務2026財年純利為219億元人民幣,可靈2026及2027財年ARR分別為3.73億及6億美元。該行指出,可比公司Runway的P/ARR為21倍,Anthropic及OpenAI則分別為27倍及34倍。

該行表示,若今年落實分拆上市,按綜合估值計算,快手集團整體估值為3,686億港元。風險因素包括宏觀經濟疲弱、競爭激烈、短視頻平台的監管風險,以及可靈分拆上市計劃被推遲或拒絕。(ad/da)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-05-11 12:25.)

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