Xin Lang Cai Jing·2025-10-21 03:56Core Viewpoint - Kuaishou-W (01024) is expected to report its Q3 earnings in mid-November, with a projected year-on-year revenue growth of 13% to reach 35.2 billion yuan, aligning with market consensus [1] Financial Performance - Total revenue for Q3 is forecasted to grow by 13% year-on-year, reaching 35.2 billion yuan, which is in line with market expectations [1] - Advertising revenue is expected to increase by 12% year-on-year, while other income and live streaming revenue are projected to grow by 36% and 5% respectively [1] - Gross merchandise volume (GMV) is anticipated to maintain a year-on-year growth rate of approximately 15% [1] - Adjusted profit is estimated at 4.86 billion yuan, consistent with market consensus [1] - Gross margin is projected to be 55% [1] Strategic Insights - The recovery in live e-commerce and strong momentum in shelf-based e-commerce are contributing positively to the growth [1] - Investors may focus on management's outlook regarding the revenue prospects for Kuaishou's AI initiatives in the fiscal year 2025 [1] - 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] Analyst Rating - Citigroup maintains a "Buy" rating on Kuaishou, considering its valuation reasonable, with a target price set at 88 HKD [1]