低估值高弹性稀缺标的---知常容数字七雄之快手深度报告(上)

知常容
Jun 24

01.前言快手作为作为知常容数字七雄之一,是短视频领域唯一完成上市的行业龙头,具备显著的稀缺性特征。公司于2021年上市初期市值曾攀升至1.75万亿港元峰值,成为资本市场瞩目焦点,但随着全球资本周期调整,当前市值已回落至2500亿港元区间,较历史高位缩水85.7%。基于不亏损理论及企业价值3.0模型分析,快手当前估值已具备较高的安全边际,而庞大的销售费用支出在未来存在可观的优化空间。其当前不足...

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