Ge Long Hui·2025-11-20 07:43Core Viewpoint - Kuaishou's revenue for the last quarter increased by 14% year-on-year, meeting the expectations of both the bank and the market, while adjusted net profit grew by 26%, exceeding expectations by approximately 3% and 2% respectively, primarily due to improved operational efficiency [1] Group 1: Financial Performance - Kuaishou's revenue growth of 14% year-on-year aligns with market expectations [1] - Adjusted net profit increased by 26%, surpassing the bank's and market's forecasts [1] - AI's contribution to Kuaishou's business is becoming evident, with AI revenue exceeding 300 million yuan in the third quarter, again exceeding expectations [1] Group 2: Future Outlook - The bank forecasts a 10% year-on-year revenue growth for Kuaishou in the fourth quarter, driven by robust growth in online marketing and e-commerce [1] - Profit forecasts for 2025 to 2027 have been slightly adjusted upwards by up to 2% [1] - Target price has been raised from 84 HKD to 88 HKD, maintaining a "buy" rating [1]