Zhi Tong Cai Jing·2025-08-22 08:18Core Viewpoint - Morgan Stanley has raised its earnings per share estimates for Kuaishou-W (01024) for the years 2025 to 2027 by 3% to 6%, and increased its target price from HKD 67 to HKD 76, maintaining a "Market Perform" rating [1] Group 1: Financial Performance - The group's e-commerce gross merchandise volume (GMV) grew by 18% in the second quarter, exceeding Morgan Stanley's expectations [1] - Over the past year, GMV growth has stabilized in the range of 13% to 14%, indicating a significant acceleration in growth [1] - The company has improved its monetization capabilities, with a positive outlook for a 15% GMV growth in the third quarter [1] Group 2: Capital Expenditure - The capital expenditure guidance for this year has been raised from RMB 10 billion to RMB 12 billion, reflecting strong demand for AI applications and reasoning capabilities [1]