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]
麦格理：乐见可灵AI持续增长变现 维持快手跑赢大市评级