Medium overview: some high growth targets are oversold. Pinduoduo and station B are recommended. It is recommended to pay attention to the direct employment of boss
We expect that the revenue of Internet companies such as pinduoduo, BiliBili and boss direct employment will still be in a period of rapid growth from 2022 to 2023, and the revenue growth rate is expected to be more than 30% in 2022.
Pinduoduo: there is still room to improve the purchase frequency of users and the proportion of brands, and the liquidity efficiency is expected to continue to improve. We are optimistic that its revenue and profit growth will continue to lead the industry, and we maintain the "recommended" rating.
BiliBili: the goal of increasing use is gradually achieved. High quality user assets and new advertising forms are expected to promote the continuous high growth of the company's advertising business. The profit model under cost control is also expected to be marginally improved in 2022. We maintain the "recommended" rating.
Boss direct employment: it is in a high growth online recruitment vertical track with obvious competitive advantage. The expansion to the blue collar market will also bring new increment to the company. It is expected to usher in rapid growth after the release of user registration. It is recommended to pay attention to it.
Hong Kong Stock: recommend the Tencent, Ali and other ecological giants and the US, Kwai, B station and other high elastic targets.
We expect Tencent, Alibaba and other Internet Ecological giants to maintain steady development, and we maintain the "recommended" rating. With the development of benefited sectors and continuous improvement of business, we expect that the 20222023 year income of us group, Kwai Po and beep is still in a period of rapid growth. In 2022, we forecast that the revenue growth rate will be over 30%. We maintain the "recommended" rating.
Meituan: affected by market sentiment, policies and other external factors, the short-term stock price is weak, but the local life of key businesses has greater imagination space, and is optimistic about the steady growth of the company's performance.
Kwai: the private sector's advantages are continuously reflected, the fundamentals are improving at the right edge, and the direct seeding business is expected to contribute to the incremental growth, and long-term performance will be stable.
Risk tips
Policy supervision risk: the industry is greatly affected by regulatory policies, and further strengthening of policy supervision will have a significant impact on the development of the industry.
Offline economic recovery exceeds expectations: offline economic repair exceeds expectations, which may affect short-term online economic development.
Macroeconomic downside risk is higher than expected: the economic downside risk is higher than expected, which will affect consumption and then the development of the industry.
