First, how much do the major organizations value Kuaishou Technology in 2021?

At present, a total of 23 organizations across the country have issued$Kuaishou Technology-W (01024.HK) $According to the relevant research report, 11 companies have set the target market value of Kuaishou Technology in 2021, the other 12 only involve the fundamental analysis of Kuaishou Technology, and have not given the target price of Kuaishou Technology for the time being.

Among the 11 institutions that set the target price, Huaxi Securities has the highest valuation range of HK $1.4 trillion for Kuaishou Technology, while CITIC has the lowest valuation range of HK $400 billion. In addition, the average valuation of Kuaishou Technology by the 11 brokerages is HK $812.5 billion. The detailed valuation process is as follows.

Second, what are the major institutions' valuation methods and ideas for Kuaishou Technology?

In order to present in detail the valuation methods and ideas of the major institutions, taking into account the longer content and clearer picture display, it is mainly arranged by securities firms.

On the whole, the major institutions mainly adopted the relative valuation method to value Kuaishou Technology, only Guoxin Securities adopted the absolute valuation method. In terms of valuation ideas, the major institutions basically carry out a separate valuation of Kuaishou Technology's three major businesses, and then add up, that is, the segment summation method. As for each individual business, it is basically to find comparable companies and then value them according to the adjusted multiple of price-to-sales ratio. In addition, the single-user valuation method will be adopted for reference. See the following section for details.

1. Valuation methods and ideas of Huaxi, Tianfeng, Guangfa and Everbright Securities

two。 Valuation methods and ideas of Dongxing, founder, CICC and Galaxy Securities

3. CITIC's valuation method and thought

4. Valuation methods and ideas of Huachuang and Guohai Securities

5. Valuation methods and ideas of Guoxin, Northeast and China Merchants

Third, how to understand the target price given by various organizations to Kuaishou Technology?

Investors do not need to rely too much on Kuaishou Technology's valuation given by major institutions. After all, what is worth learning is its valuation ideas, core assumptions and valuation methods, rather than the specific valuation results. Because the final valuation results are our cognition of Kuaishou Technology, transformed into core assumptions, and based on the transformation and output of valuation methods, can be obtained. In this complete chain, the cognition of the company plays a decisive role, and the valuation method is only an objective tool.

In addition, the intrinsic value of a company is not immutable, but will change with the development of the company, and with the deepening and change of the understanding of the superimposed market, it is necessary for investors to understand that the current valuation results only represent the current time point. the views of the major institutions on Kuaishou Technology's target market capitalization in 2021, and in the follow-up, as Kuaishou Technology publishes the 2020 annual report The major organizations generally have to update the core assumptions in Kuaishou Technology's valuation model, and the valuation results will be different from the current ones to a certain extent. Therefore, this is why investors should learn from the valuation ideas and core assumptions of major institutions.