Ge Long Hui·2025-08-19 04:04Core Viewpoint - Credit Lyonnais forecasts that Kuaishou will achieve steady growth in the second quarter, with online marketing revenue and adjusted EBIT expected to grow by 12% and 15% year-on-year, reaching 19.7 billion yuan and 5 billion yuan respectively [1] Group 1: Financial Performance - Online marketing revenue is projected to grow by 12% year-on-year, reaching 19.7 billion yuan [1] - Adjusted EBIT is expected to increase by 15% year-on-year, amounting to 5 billion yuan [1] - The forecast for GMV (Gross Merchandise Volume) is a stable year-on-year growth of 13.5% [1] Group 2: Business Drivers - The expansion of the shelf model e-commerce and the trade-in policy are key factors driving growth [1] - Kuaishou's new product, Keling, is anticipated to exceed revenue expectations, with second-quarter revenue projected at 300 million yuan [1] - Keling attracts global professional users with high-quality AI-generated videos and competitive pricing, becoming a new revenue driver [1] Group 3: Target Price Adjustment - Based on the launch of Keling and moderate growth in e-commerce, the target price for Kuaishou has been adjusted from 67 HKD to 83 HKD [1] - The rating for Kuaishou remains "Outperform" [1]