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星展:恢复覆盖快手-W予“买入”评级 AI解锁下一阶段增长
Zhi Tong Cai Jing·2025-09-25 06:00

Core Viewpoint - DBS Bank predicts Kuaishou-W (01024) will see adjusted profit growth of 16%, 20%, and 18% for the fiscal years 2025 to 2027, reflecting higher-than-industry growth in advertising and e-commerce [1] Group 1: Financial Projections - Advertising revenue for Kuaishou is expected to grow by 12%, 12%, and 11% from 2025 to 2027, which is above industry growth [2] - E-commerce GMV is projected to increase by 14%, 11%, and 9% during the same period, also surpassing industry growth [2] - Live streaming revenue is forecasted to grow by 6%, 4%, and 3% from 2025 to 2027 [2] - E-commerce revenue is anticipated to rise by 23%, 12%, and 10% over the same fiscal years [2] Group 2: Strategic Insights - Kuaishou has over 700 million monthly active users and stands out due to its decentralized distribution and strong community-driven ecosystem [1] - The company leverages proprietary data to train advanced AI models, enhancing user engagement and creating new revenue streams [1] - The AI image and video generation tools are seen as having significant global monetization potential, with projected revenue reaching 2.7 billion RMB by the fiscal year 2027 [1]