Zheng Quan Shi Bao Wang·2025-08-22 06:42Core Viewpoint - Morgan Stanley's report highlights Kuaishou's second-quarter e-commerce gross merchandise volume (GMV) growth of 18%, exceeding expectations and indicating a significant acceleration compared to the stable growth of 13%-14% over the past year [1] Group 1: Financial Performance - Kuaishou's GMV growth in the second quarter is a notable acceleration, with a forecasted growth of 15% for the third quarter [1] - Morgan Stanley has raised Kuaishou's capital expenditure guidance for the year, reflecting strong demand for its AI applications, such as Kling [1] Group 2: Earnings Forecast and Target Price - Based on the improved performance and outlook, Morgan Stanley has increased its earnings per share forecast for Kuaishou by 3%-6% for the years 2025 to 2027 [1] - The target price for Kuaishou has been raised from HKD 67 to HKD 76, while maintaining a "market perform" rating [1]