智通财经网·2025-08-13 08:45Core Viewpoint - UBS reports that Kuaishou-W (01024) is rumored to collaborate with Meituan-W (03690) to expand delivery services, raising market concerns about excessive competition. However, UBS maintains a "Buy" rating on Kuaishou, believing that recent market fears are overblown, with a target price of HKD 95.37, corresponding to a forecasted P/E ratio of 13.6 times for 2025. The firm anticipates a compound annual growth rate of 21% in earnings per share from 2024 to 2026, indicating attractive valuation [1]. Group 1 - The market is misinterpreting the collaboration news between Kuaishou and Meituan, as UBS believes this initiative allows Kuaishou to further open its ecosystem and traffic to Meituan, which could generate additional advertising demand for Kuaishou [1]. - Kuaishou will not directly participate in the delivery business, alleviating some competitive concerns [1]. Group 2 - Since the launch of the AI 2.0 version in April, Kuaishou's revenue ranking in the iOS image design category in the U.S. has significantly improved, with further growth observed in August [1]. - UBS emphasizes that paid metrics are more indicative of business performance than user metrics, as user metrics may be influenced by media reports [1].