快手 20250318 摘要 Q&A 在当前的 AI 周期中，快手在多模态视频生成技术方面的优势是什么？ 在当前 AI 驱动的新科技周期中，多模态视频生成工具开启了内容新周期的生态。 快手在这一领域具有显著优势，主要体现在以下几个方面： i. 技术领先：快手在多模态视频生成技术上处于全球领先地位。其核心技术 架构 DIT（Diffusion Transformer）结合了 Transformer 和扩散模型，提 升了模型连贯性和生成质量。自 2024 年 2 月 Varia 发布以来，国内厂商迅 • 快手在多模态视频生成技术上处于领先地位，其 DIT 架构结合 Transformer 和扩散模型，提升了视频生成的连贯性和质量。可灵卡位版 本持续迭代，性能显著提升，但在视觉质量和精确控制方面仍需关注。 • 快手拥有庞大的用户基础和丰富的数据资源，通过深度挖掘用户行为数据， 不断优化算法，提升内容创作工具的智能化水平，为多模态视频生成提供 了坚实的数据支持。 • 快手通过三个发展阶段，从 GIF 工具到短视频社区再到未来新流量平台， 始终致力于降低内容创作门槛，并通过广告、电商、本地服务等多元化商 业模式实现可持 ...

北水动向|北水成交净卖出11.02亿 北水加仓快手 (01024)超4亿港元 全天抛售腾讯(00700)及阿里 3月18日港股市场，北水成交净卖出11.02亿港元，其中港股通(沪)成交净卖出23.89亿港元，港股通(深) 成交净买入12.87亿港元。 北水净买入最多的个股是小米集团-W(01810)、中国移动(00941)、快手-W(01024)。北水净卖出最多的 个股是盈富基金(02800)、阿里巴巴-W(09988)、腾讯(00700)。 | 股票名称 | 买入额 | 卖出额 | 关卖品额 | | --- | --- | --- | --- | | | | | 净流入 | | 小米集团-W | 36.34 Z | 30.03亿 | 66.38 亿 | | HK 01810 | | | +6.31 乙 | | 阿里巴巴-W | 22.89 乙 | 36.08亿 | 58.97亿 | | HK 09988 | | | -13.19 亿 | | 腾讯控股 | 25.09亿 | 29.62亿 | 54.71 乙 | | HK 00700 | | | -4.53 Z | | 中芯国际 | 14.52 乙 | 16. ...

ab 10 March 2025 Global Research First Read Kuaishou Technology Recent investor feedback: a lot of interest, a lot of debates New investor interest picking up for Kuaishou We picked up increasing investor interest on Kuaishou since our note on undervalued AI picks in online entertainment and education. Overall, investor positioning on Kuaishou remains not crowded from our observations. A positive change we note in our recent marketing: recent market focus on AI is leading to more interest in Kuaishou from t ...

Kuaishou Technology Research Summary Company Overview - **Company**: Kuaishou Technology - **Industry**: Internet and Digital Entertainment in China - **Current Price (as of Feb 28, 2025)**: HK$50.60 - **Price Target (Dec 2025)**: HK$70.00, indicating an Overweight rating [1][4][38] Core Insights - **AI Potential**: Kuaishou is viewed as a significant beneficiary of AI advancements, particularly after the launch of DeepSeek, which is expected to enhance user engagement and monetization on its main app [1][38] - **Kling AI**: Kuaishou's AI video/image generator, Kling, has over 6 million users as of December 2024 and is anticipated to create synergies with the Kuaishou app, offering monetization opportunities across various sectors such as eCommerce and professional content production [1][38] - **User Base**: Kuaishou boasts a loyal user base of 400 million daily active users (DAU), spending an average of 2 hours daily on the app, which is currently under-monetized compared to competitors [1][38] Financial Performance - **Share Price Performance**: Kuaishou's share price has underperformed the HSTECH index by 55% since January 2024, primarily due to competitive pressures from Douyin and Tencent Video Account [1][38] - **Revenue Growth**: The company is projected to achieve a revenue CAGR of 10% from 2025 to 2027, with its core business (ads and eCommerce) expected to grow at a faster rate of 13% CAGR during the same period [20][21] - **Earnings Estimates**: Adjusted EPS is forecasted to grow from Rmb 4.09 in 2024 to Rmb 4.52 in 2025, with a 20% EPS CAGR anticipated for 2026-2027 [5][38] Competitive Landscape - **Market Position**: Despite competitive concerns, Kuaishou's unique content ecosystem and loyal user base provide a strong foundation for growth. The company’s ads/eCommerce revenue per DAU is estimated to be only half of Douyin's level, indicating significant room for monetization improvement [1][38] - **External Marketing Services**: Kuaishou's external marketing service revenue grew approximately 30% in Q3 2024, driven by a surge in short play advertisers, and is expected to continue growing [25][38] Risks and Challenges - **Competitive Pressures**: Ongoing competition from Douyin and Tencent Video Accounts poses risks to Kuaishou's market share and monetization capabilities [40][41] - **Regulatory Risks**: Potential regulatory scrutiny and measures aimed at protecting teenagers could impact content and user engagement [40][41] - **Execution Risks**: There are concerns regarding the execution of Kuaishou's strategies, which could adversely affect performance [40][41] Conclusion Kuaishou Technology is positioned to leverage its AI capabilities and loyal user base to enhance monetization and drive growth. The company's current valuation presents an attractive investment opportunity, despite competitive and regulatory challenges. The upcoming 4Q24 earnings report is anticipated to provide further insights into the impact of AI on Kuaishou's core app and Kling [1][38].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 76.03 HKD per share, based on a 15x PE valuation for 2025 [3][10]. Core Insights - The company's AI capabilities, particularly the KuaLing model, show significant improvement, with a 195% enhancement in overall performance from version 1.5 to 1.6, indicating strong commercial potential and business empowerment [1]. - The company is experiencing healthy traffic growth, with a projected 4.01 billion daily active users (DAU) in Q4 2024, representing a year-over-year increase of 4.8% [2]. - The e-commerce sector is expected to see a 14% year-over-year growth in GMV during the Double 11 shopping festival, driven by both supply and demand factors [2]. - The advertising revenue is projected to grow by 15% year-over-year, supported by external advertising cycles [2]. Summary by Sections Revenue and Profitability - The company expects total revenue in Q4 2024 to reach approximately 357 billion CNY, reflecting a year-over-year increase of 9.6% [5]. - The adjusted net profit for Q4 2024 is estimated at around 45.4 billion CNY, with an adjusted profit margin of 12.7% [5]. - The gross margin is anticipated to improve by 1.1 percentage points year-over-year to 54.2% in Q4 2024 [5]. Financial Forecasts - The adjusted net profit forecasts for 2024, 2025, and 2026 are 175.51 billion CNY, 201.14 billion CNY, and 243.24 billion CNY, respectively [3][10]. - The company’s revenue is projected to grow from 127.19 billion CNY in 2024 to 141.03 billion CNY in 2025, and further to 153.44 billion CNY in 2026, with respective growth rates of 12.1%, 10.9%, and 8.8% [6][8]. Market Position and Competitive Landscape - The company is actively enhancing its AI capabilities and integrating external large model technologies, which are expected to improve content delivery and advertising efficiency [1]. - The report highlights the importance of the company's ongoing commercial exploration and product integration efforts, particularly in the e-commerce and advertising sectors [1][2].

Group 1 - Kuaishou-W has received net purchases from southbound funds for three consecutive days, with a cumulative net purchase amount of HKD 18.11 billion and a stock price increase of 14.65% [1] - On February 17, the total trading volume of active stocks through the Hong Kong Stock Connect reached HKD 1019.88 billion, with a net purchase amount of HKD 44.42 billion [1] - Among the active stocks on February 17, Kuaishou-W had a trading volume of HKD 36.45 billion and a net purchase amount of HKD 5.84 billion [1]

Group 1 - The Kuaishou concept stock increased by 1.60%, ranking 4th in the concept sector, with 29 stocks rising, including Daylight Oriental, Tiandi Online, and Yuanlong Yatu hitting the daily limit [1] - The top gainers in the sector included Yiwang Yichuang, Sanwei Communication, and Meiri Interactive, which rose by 14.32%, 9.93%, and 8.64% respectively [1] - The stocks with the largest declines were Fabon Information, Vision China, and Yidian Tianxia, which fell by 6.52%, 4.72%, and 4.69% respectively [1] Group 2 - The Kuaishou concept sector experienced a net outflow of 3.594 billion yuan in main funds, with 18 stocks receiving net inflows [1] - Five stocks saw net inflows exceeding 100 million yuan, with Shengguang Group leading at 381 million yuan, followed by Yingu Media, Daylight Oriental, and Yuanlong Yatu with net inflows of 254 million yuan, 201 million yuan, and 197 million yuan respectively [1] - The stocks with the highest fund inflow ratios included Tiandi Online, Yuanlong Yatu, and Yingu Media, with net inflow rates of 53.53%, 22.81%, and 17.34% respectively [1]

Group 1 - The "Northeast Joy Festival" successfully showcased Northeast culture and traditions, attracting over 30.52 million viewers through online and offline channels [1][5][6] - The event featured various performances, including traditional Northeast folk arts like Er Ren Zhuan and modern interpretations of classic songs, highlighting the diversity of Northeast cultural expressions [2][3] - The collaboration between Kuaishou and Shenyang's cultural tourism bureau emphasizes the integration of short video and live streaming platforms in promoting local cultural tourism [5][6] Group 2 - The event included multiple activities, such as a New Year opera gala and a lantern lighting ceremony, enhancing the immersive experience of Northeast traditions [3][4] - Kuaishou's initiatives, like the "Shenyang New Year Bathing Carnival," have generated significant online engagement, with related topics reaching over 500 million views [4] - Officials from Shenyang highlighted the importance of cultural tourism as a key driver for urban development and expressed intentions to deepen collaborations with new media platforms like Kuaishou [6]

处置非法荐股违规账号195个，清理非法荐股视频3538个，关闭非法荐股直播间325个。 证券时报网讯，据快手黑板报微信公众号，快手公布2024年打击治理黑灰产成果。 其中提及，快手按照中央网信办非法荐股整治专项要求，对非法荐股问题实行分级分类管理，严厉管控 无资质从事金融趋势讲解业务、股票推荐类内容。 校对：苏焕文 ...

Investment Rating - The investment rating for the company is "Buy" with a target price of 68 HKD, maintaining the rating for the next 6 months [1]. Core Insights - The company's Q3 2024 performance showed steady growth in core business, with revenue reaching 31.1 billion RMB, a year-on-year increase of 11.4%, and adjusted net profit of 3.9 billion RMB, up 24.4% year-on-year [1]. - User traffic reached a record high, with daily active users (DAU) averaging 408 million, a year-on-year increase of 5.4% [1]. - The online marketing service revenue grew by 20% year-on-year to 17.6 billion RMB, driven primarily by external advertising [1]. - The company's e-commerce gross merchandise volume (GMV) increased by 15.1% year-on-year, reaching 334.2 billion RMB [1]. - The overseas business saw a significant growth of 104.1% year-on-year, with revenue reaching 1.33 billion RMB [1]. Summary by Sections Financial Performance - In Q3 2024, the company achieved operating revenue of 31.1 billion RMB, with a gross profit of 16.9 billion RMB, reflecting a 17% year-on-year increase [1]. - Sales and marketing expenses rose by 15.9% to 10.4 billion RMB, accounting for 33.3% of total revenue [1]. - Research and development expenses increased by 4.5% to 3.1 billion RMB, representing 10% of total revenue [1]. User Engagement - The average DAU/MAU for the company's application was 408 million/714 million, with DAU reaching a historical high [1]. - The average daily usage time per DAU was 132.2 minutes, a year-on-year increase of 7.3% [1]. Marketing and Advertising - The external advertising segment showed strong growth, with UAX consumption in external circulation increasing to approximately 50% [1]. - The number of active merchants in internal circulation increased by over 50% year-on-year [1]. E-commerce and Other Services - Other service revenue, including e-commerce, grew by 17.5% year-on-year to 4.2 billion RMB [1]. - The number of active buyers in e-commerce increased by 12.2% year-on-year to 133 million [1]. Live Streaming and Overseas Business - Live streaming revenue was 9.3 billion RMB, a year-on-year decrease of 3.9% [1]. - The overseas business revenue reached 1.33 billion RMB, with a significant reduction in operating losses by 75.9% [1]. Investment Outlook - The company is expected to achieve operating revenues of 127.1 billion RMB and 140.7 billion RMB for 2024 and 2025, respectively, with adjusted net profits of 17.6 billion RMB and 21.6 billion RMB [1].