Ge Long Hui·2025-09-25 03:49Group 1 - The core viewpoint of the report is that Kuaishou, as China's second-largest short video platform, has over 700 million monthly active users and stands out due to its decentralized distribution and strong community-driven ecosystem [1] - Kuaishou's advantages in lower-tier cities and non-standardized e-commerce categories create structural growth opportunities [1] - The company utilizes a vast proprietary dataset to train advanced AI models, such as OneRec and Kegou, enhancing user engagement, exploring new revenue sources, and reducing costs for merchants [1] Group 2 - DBS Bank forecasts that Kuaishou's adjusted profits will grow by 16%, 20%, and 18% for the fiscal years 2025 to 2027, reflecting higher-than-industry growth in advertising and e-commerce [1] - The new OneRec model is expected to increase user retention time and potentially improve advertising distribution efficiency, with purchasing power in lower-tier cities showing robust growth [1] - Due to high user loyalty, the growth of marketing expenses is expected to slow down [1] Group 3 - DBS Bank has resumed coverage of Kuaishou with a "Buy" rating and a target price of 98 HKD, based on a 15 times price-to-earnings ratio for the fiscal year 2026, which is above the average of the past two years by one standard deviation [1]