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星展:恢复覆盖快手-W予“买入”评级 AI解锁下一阶段增长
Zhi Tong Cai Jing· 2025-09-25 06:00
Core Viewpoint - DBS Bank predicts Kuaishou-W (01024) will see adjusted profit growth of 16%, 20%, and 18% for the fiscal years 2025 to 2027, reflecting higher-than-industry growth in advertising and e-commerce [1] Group 1: Financial Projections - Advertising revenue for Kuaishou is expected to grow by 12%, 12%, and 11% from 2025 to 2027, which is above industry growth [2] - E-commerce GMV is projected to increase by 14%, 11%, and 9% during the same period, also surpassing industry growth [2] - Live streaming revenue is forecasted to grow by 6%, 4%, and 3% from 2025 to 2027 [2] - E-commerce revenue is anticipated to rise by 23%, 12%, and 10% over the same fiscal years [2] Group 2: Strategic Insights - Kuaishou has over 700 million monthly active users and stands out due to its decentralized distribution and strong community-driven ecosystem [1] - The company leverages proprietary data to train advanced AI models, enhancing user engagement and creating new revenue streams [1] - The AI image and video generation tools are seen as having significant global monetization potential, with projected revenue reaching 2.7 billion RMB by the fiscal year 2027 [1]
星展:恢复覆盖快手-W(01024)予“买入”评级 AI解锁下一阶段增长
智通财经网· 2025-09-25 05:31
Group 1 - The core viewpoint of the report is that Kuaishou-W (01024) is expected to see adjusted profit growth of 16%, 20%, and 18% for the fiscal years 2025 to 2027, reflecting higher-than-industry growth in advertising and e-commerce [1] - The new OneRec model is anticipated to enhance user engagement and improve advertising distribution efficiency, particularly in lower-tier cities where user purchasing power shows robust growth [1] - DBS Bank has resumed coverage of Kuaishou with a "Buy" rating and a target price of HKD 98, based on a 15x price-to-earnings ratio for the fiscal year 2026, which is one standard deviation above the average of the past two years [1] Group 2 - Kuaishou, as China's second-largest short video platform, boasts over 700 million monthly active users and stands out due to its decentralized distribution and strong community-driven ecosystem [1] - The company leverages vast proprietary datasets to train advanced AI models, such as OneRec, to enhance user stickiness, explore new revenue streams, and reduce costs for merchants [1] - The AI image and video generation tools developed by Kuaishou are seen as rare applications with global monetization potential, with projected revenue reaching RMB 2.7 billion by the fiscal year 2027 [1] Group 3 - Advertising revenue for Kuaishou is forecasted to grow by 12%, 12%, and 11% for the fiscal years 2025 to 2027, while e-commerce GMV is expected to increase by 14%, 11%, and 9%, all exceeding industry growth rates [2] - Live streaming revenue is projected to grow by 6%, 4%, and 3%, and e-commerce revenue is anticipated to rise by 23%, 12%, and 10% during the same period [2]
快手-W午前涨逾3% 近日上线可灵2.5 Turbo模型
Xin Lang Cai Jing· 2025-09-25 04:01
Core Viewpoint - Kuaishou-W (01024) shares have seen a price increase of 2.93%, currently trading at HKD 79.10, with a trading volume of HKD 1.742 billion, driven by the launch of the upgraded Keling AI model, Keling 2.5 Turbo, which enhances video generation capabilities [1] Group 1: Company Developments - The newly launched Keling 2.5 Turbo model generates a 5-second video in high-quality mode (1080p) for only 25 inspiration points, which is nearly 30% cheaper compared to the previous 2.1 model at the same quality level [1] - Goldman Sachs anticipates that the new AI model will lead to sustained increases in user engagement for Kuaishou [1] Group 2: Market Outlook - UBS maintains an optimistic outlook on Kuaishou, citing reasonable growth expectations with a price-to-earnings ratio of 15 times for this year and 12 times for next year, alongside a projected compound annual growth rate of 20% in earnings per share from fiscal years 2024 to 2026 [1] - The upward potential of video generation AI is highlighted as a significant factor for Kuaishou's growth [1] - Investor holdings in Kuaishou are relatively low, suggesting potential for increased investment interest [1]
港股快手-W涨超3%
Mei Ri Jing Ji Xin Wen· 2025-09-25 03:54
Group 1 - Kuaishou Technology's stock (01024.HK) has continued to rise by over 3% as of September 25, reaching a price of 79.2 HKD [1] - The trading volume for Kuaishou's stock was reported at 1.63 billion HKD [1]
大行评级|星展:恢复覆盖快手并予“买入”评级及目标98港元
Ge Long Hui· 2025-09-25 03:49
Group 1 - The core viewpoint of the report is that Kuaishou, as China's second-largest short video platform, has over 700 million monthly active users and stands out due to its decentralized distribution and strong community-driven ecosystem [1] - Kuaishou's advantages in lower-tier cities and non-standardized e-commerce categories create structural growth opportunities [1] - The company utilizes a vast proprietary dataset to train advanced AI models, such as OneRec and Kegou, enhancing user engagement, exploring new revenue sources, and reducing costs for merchants [1] Group 2 - DBS Bank forecasts that Kuaishou's adjusted profits will grow by 16%, 20%, and 18% for the fiscal years 2025 to 2027, reflecting higher-than-industry growth in advertising and e-commerce [1] - The new OneRec model is expected to increase user retention time and potentially improve advertising distribution efficiency, with purchasing power in lower-tier cities showing robust growth [1] - Due to high user loyalty, the growth of marketing expenses is expected to slow down [1] Group 3 - DBS Bank has resumed coverage of Kuaishou with a "Buy" rating and a target price of 98 HKD, based on a 15 times price-to-earnings ratio for the fiscal year 2026, which is above the average of the past two years by one standard deviation [1]
瑞银给予快手12个月目标价95.37港元
瑞银发布研究报告,指出快手推出的可灵2.5Turbo模型在文本理解方面取得了显著进步,能够解析复杂 的多步骤指令,让用户通过文本描述复杂的视频序列(如动态、角色互动和场景转换),从而实现更精细 的创意表达控制。瑞银对快手持乐观态度,理由包括:其估值合理且具增长潜力、视频生成AI领域存 在上行空间,以及投资者持仓相对较低。瑞银给予快手12个月目标价95.37港元,并维持"买入"评级。 ...
快手-W续涨超3% 近日上线可灵2.5 Turbo 模型 瑞银对公司保持乐观态度
Zhi Tong Cai Jing· 2025-09-25 03:41
Core Viewpoint - Kuaishou-W (01024) has seen a rise of over 3%, currently trading at HKD 79.2 with a transaction volume of HKD 1.63 billion, driven by the upgrade of its AI model, Keling 2.5 Turbo, which enhances video generation capabilities [1] Group 1: Company Developments - The newly upgraded Keling 2.5 Turbo model generates a 5-second video in high-quality mode (1080p) for only 25 inspiration points, which is nearly 30% cheaper compared to the previous 2.1 model at the same quality level [1] - Goldman Sachs anticipates that the new AI model will lead to sustained increases in user engagement for Kuaishou [1] Group 2: Market Outlook - UBS maintains an optimistic outlook on Kuaishou, citing growth potential at reasonable valuations, with projected price-to-earnings ratios of 15x and 12x for the next two years, and an expected compound annual growth rate of 20% in earnings per share from fiscal years 2024 to 2026 [1] - The upward potential of video generation AI and relatively low investor holdings are also highlighted as positive factors for Kuaishou's future performance [1]
港股异动 | 快手-W(01024)续涨超3% 近日上线可灵2.5 Turbo 模型 瑞银对公司保持乐观态度
智通财经网· 2025-09-25 03:39
Core Viewpoint - Kuaishou-W (01024) has seen a stock price increase of over 3%, currently trading at 79.2 HKD with a transaction volume of 1.63 billion HKD, driven by the upgrade of its AI model, Keling 2.5 Turbo, which enhances video generation capabilities [1] Group 1: Company Developments - The newly upgraded Keling 2.5 Turbo model generates a 5-second video in high-quality mode (1080p) for only 25 inspiration points, which is nearly 30% cheaper compared to the previous 2.1 model at the same quality level [1] - Goldman Sachs anticipates that the new AI model will lead to sustained increases in user engagement for Kuaishou [1] Group 2: Market Outlook - UBS maintains an optimistic outlook on Kuaishou, citing growth potential at reasonable valuations, with projected price-to-earnings ratios of 15x and 12x for the next two years, and an expected compound annual growth rate of 20% in earnings per share from fiscal years 2024 to 2026 [1] - The upward potential of video generation AI is highlighted as a significant factor for Kuaishou's future growth [1] - Investor holdings in Kuaishou are relatively low, suggesting potential for increased investment interest [1]
瑞银:对快手-W保持乐观态度 目标价95.37港元
Zhi Tong Cai Jing· 2025-09-25 03:18
瑞银对快手保持乐观态度,原因包括:合理估值下的增长(今明两年15倍、12倍市盈率,2024至2026财 年每股盈利年均复合增长率20%);视频生成AI的上行潜力;投资者持仓相对较低。 瑞银发布研报称,快手-W(01024)可灵2.5Turbo模型在文本理解方面实现重大飞跃,能解读复杂的多步 骤指令,使用户能以文本描述复杂的视频序列,例如动态、角色互动和场景转换。这提供了更精细的创 意表达控制。基于SOTP方法,瑞银予快手12个月目标价95.37港元,隐含2025财年不含可灵市盈率14.4 倍,评级"买入"。 ...
小红书、微博、快手等连续被约谈,释放了什么信号?
Xin Lang Cai Jing· 2025-09-25 03:18
Core Viewpoint - Recent discussions among major platforms like Xiaohongshu, Weibo, Kuaishou, Toutiao, and UC highlight their failure to uphold public interest and social responsibility, leading to a deteriorating online environment filled with misinformation and harmful content [1][2]. Group 1: Issues Identified - The platforms have been criticized for the prevalence of vulgar content, malicious traffic generation, and misinformation on trending topics, particularly in three areas: 1. Entertainment content dominating the trending lists, with celebrity gossip overshadowing public interest topics [2][4]. 2. Unregulated dissemination of sensitive information, leading to heightened social tensions and potential harm [4]. 3. Manipulation of information flow, where platforms control what content is visible, creating a biased information environment [5][7]. Group 2: Platform Responsibilities - The recent warnings from regulatory bodies emphasize the need for platforms to recognize their responsibilities and abandon harmful traffic-centric views to maintain a healthy online ecosystem [2][10]. - Platforms are urged to prioritize social benefits over traffic, reducing the exposure of entertainment gossip while increasing the visibility of quality content such as political news and educational resources [9][10]. Group 3: Future Directions - The call for platforms to act as builders of a healthy online ecosystem rather than destroyers is clear, with a focus on adhering to mainstream values and optimizing information recommendation mechanisms [8][10]. - The emphasis is on ensuring that trending topics reflect public interest and are free from manipulation, thereby restoring trust and integrity in online information dissemination [6][9].