Ge Long Hui A P P·2025-10-20 03:08Core Viewpoint - Citigroup predicts Kuaishou will announce its Q3 earnings in mid-November, with total revenue expected to grow by 13% year-on-year to 35.2 billion yuan, aligning with market consensus [1] Revenue Breakdown - Advertising revenue is projected to increase by 12% year-on-year [1] - Other revenue is expected to rise by 36% year-on-year [1] - Live streaming revenue is anticipated to grow by 5% year-on-year [1] - The growth in total gross merchandise volume (GMV) is likely to maintain an approximate 15% year-on-year increase [1] Profitability and Margins - Gross margin is expected to be 55% [1] - Adjusted profit is projected to be 4.86 billion yuan, consistent with market consensus [1] Management Outlook - Investors may focus on whether management expresses a more optimistic outlook for AI revenue in fiscal year 2025 [1] Strategic Initiatives - For the upcoming Double Eleven discount day, Kuaishou is expected to simplify its discount strategy and provide AI technology support to merchants to drive GMV growth [1] Investment Rating - Citigroup maintains a "Buy" rating on Kuaishou, considering its valuation reasonable, with a target price set at 88 HKD [1]