东方证券：维持快手-W“买入”评级 目标价99.07港元

Core Viewpoint - Dongfang Securities predicts Kuaishou-W (01024) will achieve adjusted net profit attributable to shareholders of CNY 196 billion, CNY 230 billion, and CNY 259 billion for the years 2025, 2026, and 2027 respectively [1] Financial Projections - The company is assigned a 2026 price-to-earnings (PE) ratio of 17x, leading to a reasonable valuation of CNY 391.1 billion, equivalent to HKD 428.1 billion, with a target price of HKD 99.07 per share [1] Business Strategy and Growth - Kuaishou is expected to maintain its leading position through iterative improvements in its underlying model, with the 2.5 Turbo version anticipated to drive user growth and revenue increase due to a combination of performance upgrades and a 30% price reduction [1] - The core business is benefiting from AI-driven efficiency improvements, with the OneRec content recommendation system supporting community ecosystem health, while AI restructuring of the commercialization system is expected to provide sustainable growth momentum for the core business [1]