Zhi Tong Cai Jing·2025-11-20 07:39Core Viewpoint - The report from CMB International forecasts a 10% year-on-year revenue growth for Kuaishou-W (01024) in Q4, driven by robust growth in online marketing and e-commerce [1] Group 1: Revenue and Profit Forecast - Kuaishou's revenue in the last quarter grew by 14% year-on-year, aligning with both CMB International's and market expectations [1] - Adjusted net profit increased by 26%, exceeding CMB International's and market expectations by approximately 3% and 2% respectively, primarily due to improved operational efficiency [1] Group 2: AI Impact - The value of AI empowerment across Kuaishou's business segments is becoming evident, with AI revenue surpassing 300 million RMB in Q3, again exceeding expectations [1] - AI has contributed to an additional 4% to 5% growth in domestic advertising revenue, indicating a positive outlook on AI development [1] Group 3: Target Price and Rating - CMB International has slightly raised its profit forecasts for 2025 to 2027 by up to 2% and increased the target price from 84 HKD to 88 HKD, maintaining a "Buy" rating [1]