智通财经5月28日电，大和证券升蜜雪集团目标价至608港元，评级"跑赢大市"；升快手-W可灵AI收入 预测，维持目标价70港元，重申"买入"评级。 ...

Market Overview - The Hong Kong stock market opened high but closed lower, with the Hang Seng Index down 0.53% to 23,258.31 points and a total trading volume of 180.82 billion HKD [1] - Citic Securities anticipates a volatile upward trend for Hong Kong stocks in Q3, with potential performance upgrades in Q4 due to domestic growth policies and AI industry catalysts [1] Blue-Chip Stocks Performance - Kuaishou-W (01024) rose 5.95% to 51.65 HKD after reporting Q1 revenue of 32.608 billion RMB, a 10.9% YoY increase, and an adjusted net profit of 4.58 billion RMB, up 4.4% YoY [2] - Other blue-chip stocks like Budweiser APAC (01876) and Nongfu Spring (09633) also saw gains, while SMIC (00981) and Li Auto-W (02015) faced declines [2] Sector Performance - Consumer stocks generally rose, with notable gains in beer, dairy, and restaurant sectors, while gaming stocks benefited from increased Macau gaming revenue [3] - Airlines continued to rise, with China Eastern Airlines (00670) up 3.4% as domestic and international flight bookings increased significantly [4] - Nuclear power stocks experienced volatility, with a notable rise in the morning followed by a decline, influenced by U.S. nuclear energy policy announcements [5] Automotive Sector - The automotive sector faced pressure, with several companies like Li Auto-W (02015) declining due to renewed price wars [6] - Analysts suggest that without regulatory intervention, competition will intensify, particularly affecting mid-tier companies [6] Notable Stocks Movements - Yaoshi Bang (09885) reached a new high, up 13.18% after announcing a share buyback plan and reporting significant growth in its proprietary brand business [7] - Alibaba Pictures (01060) rose 11.54% following a strategic shift towards cautious film investment and a focus on its DaMai business [8] - Meizhong Jiahe (02453) surged 10.2% after launching a new language model for proton therapy, showcasing its treatment effectiveness [9] - SF Express (09699) increased by 9.5%, with analysts highlighting its leading position in the third-party delivery market and growth potential [10]

金十数据5月28日讯，恒指今早高开低走，午后再度下杀后跌势稍止，最低见23180.17点，尾盘跌幅有 所收窄。恒生科技指数受益于科网股分化跑出今日跑赢大盘，截至收盘，恒指收跌0.53%，报23258.31 点，科指收跌0.15%，报5174.64点，恒指大市成交额1808.16达亿港元（上一交易日为1808.16亿港 元）。盘面上，影视股全天领跑大盘，消费板块分化，啤酒、餐饮方向走强，新茶饮、IP经济方向回 调。半导体、汽车板块领跌大盘。个股方面，阿里影业(01060.HK)收涨11.54%。快手(01024.HK)绩后表 现亮眼，收涨5.95%。小米集团(01810.HK)绩后高开低走，最终收涨0.39%。比亚迪股份(01211.HK)收跌 2.68%，中芯国际(00981.HK)收跌2.51%，泡泡玛特(09992.HK)收跌7.12%。 港股收评：恒指午后延续震荡收跌0.53% 快手绩后表现亮眼涨逾5% ...

Group 1 - The Hang Seng Index closed down by 0.53% [1] - The Hang Seng Tech Index decreased by 0.15% [1] - Kuaishou (01024.HK) saw a post-earnings increase of 5.95% [1]

Core Insights - Morgan Stanley reported that Kuaishou's Q1 revenue slightly exceeded expectations, growing 10% year-on-year to 18 billion RMB, which is 1% higher than the bank's forecast [1] - Adjusted net profit reached 4.6 billion RMB, surpassing expectations by 2% [1] - Key user metrics such as monthly active users (MAU), daily active users (DAU), and user engagement time showed healthy trends, aligning with Kuaishou's targets [1] Revenue Breakdown - Live streaming revenue grew 14% year-on-year in Q1 [1] - Advertising revenue increased by 8% year-on-year [1] - Other service revenue rose by 15% year-on-year, with e-commerce gross merchandise volume (GMV) also up by 15% [1] - Kuaishou's overseas business revenue surged by 33%, achieving operational profitability for the first time [1] Future Guidance - Management remains confident that advertising growth will rebound to a range of 17% to 19% in the second half of 2025 [1] - Gross profit margin (GPM) is expected to remain stable year-on-year in Q2 2025, with adjusted net profit projected at 5.1 billion RMB, consistent with market consensus [1] - Kuaishou raised its annual revenue guidance for Kling from 60 million USD to 100 million USD, indicating potential upside risks [1]

Group 1 - Macquarie has lowered its earnings per share forecast for Kuaishou (01024.HK) by 8% and 9% for the next two years, reflecting slower growth in online marketing services and higher general and administrative costs [1] - The target price for Kuaishou has been reduced from HKD 64.7 to HKD 59.8, corresponding to a projected price-to-earnings ratio of 12 times for this year, while maintaining an outperform rating [1] - In the first quarter, Kuaishou's online marketing service revenue increased by 8% year-on-year, supported by healthy growth in internal e-commerce and external advertising [1] Group 2 - Despite short-term merchant support measures compressing monetization rates, Kuaishou remains confident in its advertising revenue outlook, emphasizing positive results from AI integration [1] - The company highlighted the success of its Omni-channel Solution 4.0 product in enhancing interaction and conversion, thereby improving merchant return on investment [1] - Kuaishou is witnessing a more diversified demand for content consumption, including mini-games and web novels, as well as verticals in commercial services [1] Group 3 - Macquarie expects Kuaishou's online marketing service revenue to grow by 10% year-on-year in the second quarter and by 16% in the second half of the year [1] - The firm is pleased to see the continuous growth and monetization of Kuaishou's AI capabilities, with Kuaishou AI 2.0 expected to further solidify the company's leading position in the large video model field and expand its AI business [1]

Investment Rating - The report assigns a "Buy" rating for the company, Kuaishou (1024 HK), with a target price of HKD 64.00, indicating a potential upside of 31.3% from the current price of HKD 48.75 [1][24]. Core Insights - The first quarter performance of Kuaishou met expectations, with total revenue and adjusted net profit reaching RMB 32.6 billion and RMB 4.6 billion respectively, reflecting year-on-year growth of 11% and 4% [5]. - The report highlights that Kuaishou's overseas operations have turned profitable, accelerating commercialization efforts [2]. - The company is expected to maintain a steady growth trajectory, with projected revenues of RMB 142.3 billion in 2025, representing a year-on-year growth of 12.2% [25]. Financial Overview - Revenue projections for Kuaishou are as follows: RMB 113.5 billion in 2023, RMB 126.9 billion in 2024, RMB 142.3 billion in 2025, RMB 155.6 billion in 2026, and RMB 168.2 billion in 2027, with corresponding growth rates of 20.5%, 11.8%, 12.2%, 9.3%, and 8.1% [25]. - The net profit is expected to grow from RMB 10.3 billion in 2023 to RMB 28.5 billion in 2027, with significant growth in the coming years [25]. - The report notes that the adjusted net profit margin is projected to remain stable at around 14% for 2025, with a slight increase in profitability expected due to enhanced operational efficiencies [5][20]. Segment Performance - E-commerce GMV (Gross Merchandise Volume) grew by 15% year-on-year, with a notable increase in daily active merchants [5]. - Online marketing revenue growth has slowed to 8%, primarily due to high base effects from previous periods and increased support for merchants [5]. - Live streaming revenue has resumed growth, increasing by 14% year-on-year, supported by a rise in contracted agencies and streamers [5]. Market Position - Kuaishou's market capitalization is approximately HKD 173.7 billion, with a 52-week high of HKD 66.35 and a low of HKD 38.15 [4]. - The company has shown resilience in user engagement, with daily active users (DAU) and monthly active users (MAU) maintaining growth trends [7][8].

Group 1 - The core viewpoint is that the commercialization of Kuaishou's AI, known as "Keling AI," remains a key catalyst for the company's stock price in 2025 [1] - Kuaishou's Q1 performance met expectations, with daily active users (DAU) reaching a record 408 million and average daily usage time per DAU at 133.8 minutes, close to the historical high of 133.9 minutes in Q4 2022 [1] - The overseas business achieved positive operating profit for the first time in Q1, indicating growth potential [1] Group 2 - Keling AI generated revenue of 150 million RMB in Q1, with approximately 70% coming from paid professional consumer subscriptions [1] - The company has raised its revenue forecast for Keling AI to 700 million RMB for the entire year, driven by the progress of the Keling AI 2.0 update in April [1]

Core Viewpoint - Nomura maintains a target price of HKD 55 for Kuaishou and a neutral rating, indicating a stable outlook for the company despite market fluctuations [1] Financial Performance - Kuaishou's Q1 2025 revenue increased by 11% year-on-year, aligning with Bloomberg consensus and Nomura's expectations [1] - Adjusted net profit rose by 4% to RMB 4.6 billion, exceeding market consensus by 2% [1] - E-commerce GMV grew by 15% year-on-year, with live-streaming e-commerce (LSE) expected to see annual growth in the mid to high single digits [1] Business Outlook - Kuaishou has raised its annual revenue forecast for its "Keling" model from USD 60 million to USD 100 million, driven by a Q1 revenue of RMB 150 million that surpassed expectations [1]

Investment Rating - The report assigns a "Buy" rating for the company, Kuaishou (1024 HK), with a target price of HKD 64.00, indicating a potential upside of 31.3% from the current price of HKD 48.75 [1][24]. Core Insights - The first quarter performance of Kuaishou met expectations, with total revenue and adjusted net profit reaching RMB 32.6 billion and RMB 4.6 billion respectively, reflecting year-on-year growth of 11% and 4% [5]. - The report highlights that Kuaishou's overseas operations have turned profitable, accelerating commercialization efforts [2]. - The company is expected to maintain growth in e-commerce GMV and advertising revenue, with projections for the second quarter indicating a 14% year-on-year increase in e-commerce GMV and a 12% growth in advertising revenue [5]. Financial Overview - Revenue projections for Kuaishou are as follows: RMB 113.47 billion in 2023, RMB 126.90 billion in 2024, RMB 142.34 billion in 2025, RMB 155.56 billion in 2026, and RMB 168.17 billion in 2027, with year-on-year growth rates of 20.5%, 11.8%, 12.2%, 9.3%, and 8.1% respectively [25]. - The adjusted net profit is forecasted to grow from RMB 10.27 billion in 2023 to RMB 28.50 billion in 2027, with significant growth in the years 2024 and 2025 [25]. - The report notes that the adjusted net profit margin is expected to stabilize around 14% for 2025, maintaining similar levels to 2024 [5]. Segment Performance - E-commerce GMV grew by 15% year-on-year, with the MAU penetration rate at 19% and average spending per user increasing by 7% [5]. - Online marketing revenue growth has slowed to 8% year-on-year, primarily due to high base effects from external advertising and support for merchants [5]. - Live streaming revenue has resumed growth, increasing by 14% year-on-year, with a significant rise in the number of contracted agencies and streamers [5]. Valuation - The report maintains the 2025 profit expectation at RMB 20.3 billion, corresponding to an adjusted net profit margin of 14% [5]. - A valuation premium is applied due to Kuaishou's leading video generation capabilities and commercialization potential, with a target price based on a 13x P/E ratio for 2025 [5].