Guosen Securities(SZ:002736) 智通财经网·2025-09-09 02:51Core Viewpoint - Guosen Securities maintains an "outperform" rating for Kuaishou-W (01024), projecting adjusted profits of 20.2 billion, 23.8 billion, and 28.1 billion CNY for 2025-2027, with a CAGR of 15% and corresponding PE ratios of 14x, 12x, and 10x [1] Group 1: Financial Performance - Kuaishou's first special dividend of HKD 0.46 per share totals HKD 2 billion, with a current shareholder return rate of around 2% [1] - By June 2025, Kuaishou's total available funds will reach 101.9 billion CNY, with net cash of 89.7 billion CNY after excluding borrowings [1] Group 2: Advertising Business - Kuaishou's advertising business accounts for over half of its revenue, with significant growth potential in ad monetization, currently at 0.23 CNY per hour for 2024 [2] - The company has improved its operational capabilities through governance changes and integration of its commercial and e-commerce departments [2] Group 3: AI and Technology - The OneRec recommendation algorithm upgrade has led to user engagement growth, while AI enhances advertising efficiency through more precise recommendations [3] - Kuaishou is positioned in the top tier of global AIGC companies, with a rapidly increasing revenue stream from its AI product, KuaLing, projected to exceed 125 million USD annually [4] Group 4: Market Position and Competition - KuaLing AI has over 45 million creators globally and has generated over 2 billion videos and 400 million images, establishing itself as a one-stop AI productivity engine [4] - Kuaishou's market share in AI video usage reached 30% as of May 2025, with a strong presence in both consumer and business sectors [4][5]