智通财经网·2025-11-21 08:49Core Viewpoint - Kuaishou-W (01024) maintains a "buy" rating with Q3 revenue growth of 14% to 35.6 billion yuan, driven by online marketing and e-commerce, with AI technology enhancing core operations [1] Performance Summary - In Q3 2025, the company achieved revenue of 35.6 billion yuan (up 14% YoY) and profit of 4.49 billion yuan (up 37% YoY), with adjusted net profit at 4.99 billion yuan (up 26% YoY) [1] - Online marketing service revenue reached 20.1 billion yuan (up 14% YoY), primarily due to AI-driven upgrades in marketing products [1] - Live streaming revenue was 9.6 billion yuan (up 3% YoY), while other service revenue was 5.9 billion yuan (up 41% YoY), benefiting from increased e-commerce GMV and enhanced capabilities of KuaLing products [1] - Q3 gross margin was 54.7% (up 0.4 percentage points YoY), with net profit margin increasing by 2.1 percentage points YoY to 12.6% [1] - Projected net profits for 2025-2027 are 18.05 billion, 19.29 billion, and 21.99 billion yuan, with corresponding PE ratios of 14.2, 13.3, and 11.7 times [1] AI Technology and Business Growth - AI technology iteration is driving core business growth, with the launch of the OneRec generative recommendation model and G4RL bidding model contributing to a 4-5% increase in online marketing service revenue in Q3 2025 [2] - AIGC marketing materials generated over 3 billion yuan in service consumption, and UAX's penetration rate exceeded 70% [2] - The OneSearch generative search architecture improved product matching and user experience, leading to a nearly 5% increase in search order volume [2] - KuaLing AI generated over 300 million yuan in revenue in Q3 2025, with continuous enhancements in basic model capabilities [2] User Engagement and E-commerce Growth - User scale and engagement showed growth, with average DAU and MAU reaching 416 million and 731 million respectively (up 2.1% and 2.4% YoY) [3] - Daily active users spent an average of 134.1 minutes per day on the platform (up 3.6% YoY) [3] - E-commerce GMV reached 385 billion yuan (up 15% YoY), with the company attracting more merchants and encouraging product diversity [3]