Zhi Tong Cai Jing·2025-08-22 09:25Core Viewpoint - Daiwa's report indicates that Kuaishou-W (01024) second-quarter revenue roughly met expectations, while profit exceeded market expectations by nearly 11% [1] Group 1: Financial Performance - Kuaishou's revenue from Keling AI increased from 150 million RMB in the first quarter to over 250 million RMB in the second quarter, with accelerated commercialization progress [1] - Daiwa forecasts a 14% year-on-year revenue growth for Kuaishou in the third quarter, with GMV expected to grow by 15% [1] - The full-year earnings per share forecast has been adjusted down by 2% due to increased investment in Keling AI, while the earnings per share forecasts for 2026 to 2027 have been raised by 1% to 2% [1] Group 2: Investment Outlook - Daiwa maintains a "Buy" rating on Kuaishou, raising the target price from 70 HKD to 85 HKD [1] - The acceleration of Keling AI monetization and growth in Kuaishou's e-commerce GMV are expected to be key drivers for the stock price this year [1] - The full-year revenue forecast for Keling AI has been increased to over 1 billion RMB, with expectations that the impact of increased investments on this year's profits will be minimal, stabilizing the adjusted net profit margin at around 15% [1]