智通财经网·2025-11-24 02:19Core Viewpoint - Kuaishou-W (01024) has maintained a "buy" rating by Dongwu Securities, with Q3 performance exceeding expectations, driven by the successful application of AI models in advertising and e-commerce, significantly enhancing monetization efficiency [1] Q3 Performance - The company's Q3 revenue reached 35.554 billion yuan, a year-on-year increase of 14.2% - Adjusted net profit was 4.986 billion yuan, up 26.3% year-on-year, with an adjusted net profit margin of 14.0%, an increase of 1.3 percentage points year-on-year, outperforming consensus expectations [1] AI Model Impact - The iteration of the OneRec AI model has expanded from short video content recommendations to online marketing services and e-commerce, generating incremental revenue - The application of the OneRec model contributed to a 4%-5% increase in domestic online marketing service revenue in Q3, with AIGC marketing materials driving over 3 billion yuan in online marketing service consumption [2] E-commerce Performance - Q3 e-commerce GMV grew by 15.2% year-on-year, reaching 385 billion yuan - Live streaming revenue was 9.6 billion yuan, up 2.5% year-on-year, while online marketing service revenue was 20.1 billion yuan, a 14.0% increase year-on-year - Other service revenues, including e-commerce, reached 5.9 billion yuan, a year-on-year increase of 41.3% [3] Future Growth Potential - The company's Keling AI revenue exceeded 300 million yuan in Q3, with expectations to reach 140 million USD by 2025 - The Keling 2.5 Turbo model topped the global rankings for generative video and image models shortly after its release, indicating strong market positioning [4]