智通财经网·2025-07-30 09:13Core Viewpoint - The Hong Kong stock market experienced a collective decline, but Kuaishou demonstrated resilience with a slight increase in stock price, supported by optimistic forecasts for its upcoming Q2 earnings report [1][2]. Group 1: Market Performance - On July 30, the Hang Seng Index fell by 0.43%, the Hang Seng China Enterprises Index also dropped by 0.43%, and the Hang Seng Tech Index decreased by 1.57% [1]. - Kuaishou's stock reached a peak increase of over 2% during the day, ultimately closing with a 0.42% rise at 72.4 HKD, with a trading volume of 2.91 billion HKD [1]. Group 2: Earnings Forecast - Multiple institutions have released bullish reports on Kuaishou, anticipating that the Q2 performance will meet expectations [1]. - Citigroup predicts Kuaishou's revenue for Q2 will grow by 11% year-on-year to 34.5 billion RMB, with an adjusted net profit of approximately 5.1 billion RMB, aligning with market expectations [2]. Group 3: Growth Drivers - The report highlights two main reasons for the positive outlook: the commercialization of the video generation model, which exceeded expectations, and the improved monetization capabilities of shelf e-commerce advertising [1][2]. - Kuaishou's monthly revenue surpassed 100 million RMB in April and May, indicating a strong performance that may significantly exceed the management's guidance of 100 million USD for the year [1]. - The advertising revenue growth rate is expected to accelerate to 12.3% in Q2, driven by increased advertising spending from e-commerce merchants and a recovery in non-e-commerce advertising demand [1][2]. Group 4: Valuation Adjustments - Citigroup has adjusted its valuation benchmark to 2026 earnings, raising the price-to-earnings ratio from 13 times to 15 times [3].