快手深度研究报告：十年进化史稳固的用户基本盘和持续加速的商业化进程.pdf

2009 1210 -W 01024.HK 248304 2020 / 1719 2022 20172019 10% 2020 8.0 20202022 50% GMV 20202022 585.3 794.5 1018.0 49.6% 35.7% 28.1% PS PS B 2022 11XPS 2022 1018 8X10XPS 8144 10180 B B B 750 500600 13001560 248304 2019A 2020E 2021E 2022E ( ) 39,120 58,525 79,446 101,795 (%) 92.7% 49.6% 35.7% 28.1% ( ) -19,652 -98,263 -89,742 -79,708 (%) -58.1% -400.0% 8.7% 11.2% ( ) -2.08 -10.42 -21.84 -19.40 ( ) ( ) 18811312510 S0360521010001 ( ) 410819 (%) 271.9 ( ) -5.91 2021 02 04