Zhi Tong Cai Jing·2025-12-05 01:57Core Viewpoint - Dongfang Securities predicts Kuaishou-W (01024) adjusted net profit for 2025-2027 to be CNY 20.4 billion, CNY 22.5 billion, and CNY 25.9 billion respectively, maintaining a 2026 PE valuation of 18x, corresponding to a reasonable value of CNY 404.8 billion, or HKD 445.4 billion, with a target price of HKD 103.06 per share, and maintains a "Buy" rating [1] Group 1 - The release of Keling's O1 model integrates video generation, modification, and expansion into a unified model, significantly enhancing efficiency for professional creators and marking a breakthrough in modifying single elements within video frames [1] - The O1 model features include multi-modal video capabilities, deep semantic understanding, consistency in video output, and support for 3-10 second narratives, catering to both consumer and professional creation needs [1][2] Group 2 - The update of the O1 model has no direct competitors in the market, continuing Keling's iteration in meeting professional creator demands while simplifying front-end input, thus lowering barriers for user engagement [2] - The flexibility and convenience for B-end professional creation have significantly improved, with the MVL (Multi-modal visual language) concept being productized, enhancing creator intent expression and interaction efficiency [2] - The lowered barriers further accelerate user penetration, enhancing C-end playability and expanding the audience for AI video models, with simplified prompts and the ability to easily replicate popular videos [2]