快手的初心与野望.pdf

Page 1 Table_StockInfo -W(01024) 2021 02 23 Table_BaseInfo / ( ) 4,159/3,393 / ( ) 1,659,400/1,353,700 / 3,655/15,962 12 / ( ) 417.80/283.00 021-60875160 E-MAIL S0980517060002 010-88005382 E-MAIL S0980514030002 E-MAIL S0980520030004 E-MAIL S0980520080008 + 8.0 21 GMV 2020-2022 596.1/831.0/1179.2 -1042.2/-79.4/86.6 EPS -25.37/-1.93/2.11 2019 2020E 2021E 2022E 2023E ( ) 39,120.3 59,614.6 83,095.9 117,915.0 147,727.4 (+/-%) 92.7% 52.4% 39.4% 41.9% 25.3% ( ) -19,651.5 -104,219.4 -7,935.9 8,664.7 22,278.7 (+/-%) 404.7% -1449.9% -51.9% -249.2% 157.1% ( ) -4.78 -25.37 -1.93 2.11 5.42 EBIT Margin 0.9% -21.6% -6.6% 8.6% 15.8% (ROE) - 64.8% 4.7% -5.3% -14.0% (PE) - -12.2 -160.1 148.1 56.4 EV/EBITDA 34.9 -18.5 -100.3 13.2 5.9 (PB) - -7.9 -7.5 -7.9 -7.9 Wind 0.0 0.5 1.0 1.5 F/21 -W