申万宏源：维持快手-W“买入”评级 可灵迭代用户有望增长

Core Viewpoint - Kuaishou-W (01024) maintains a "buy" rating due to significant updates in its KuaLing AI, which are expected to enhance video generation efficiency and drive user and revenue growth [1][2]. Group 1: KuaLing AI Updates - KuaLing AI has launched several updates in December, including the world's first multimodal video model KuaLing O1 and the audio-visual synchronization model KuaLing 2.6, which are anticipated to increase user numbers and payment rates [2]. - The KuaLing O1 model is the first globally to support full-modal editing, improving workflow efficiency, while KuaLing 2.6's audio-visual synchronization is expected to integrate better with gaming, advertising, short dramas, and live streaming [2]. - KuaLing AI's website traffic has significantly increased, surpassing competitors like Minimax, Runway, and Midjourney by the end of December 2025 [2]. Group 2: Pricing Advantage - KuaLing 2.6 offers a pricing advantage over Google Veo 3.1 and Sora 2, with video generation costs for premium memberships ranging from 0.44 to 0.88 yuan per second, compared to Google Veo's pricing of 0.4 USD per second for standard and 0.15 USD for fast versions [2]. - Kuaishou's KuaLing AI revenue exceeded 300 million yuan in Q3 2025, with an annual revenue forecast of 140 million USD [2]. Group 3: Impact on Core Business - The One series of end-to-end generative models has positively impacted Kuaishou's core business, with the OneRec model contributing to a 4%-5% increase in domestic marketing revenue in Q3 2025 [3]. - The introduction of the OneSearch architecture has improved product matching and user experience, leading to a 5% increase in search order volume in the e-commerce sector [3]. Group 4: Future Outlook - The company is expected to maintain steady growth in its core business through 2026, with previous network attack issues being addressed promptly, allowing for a gradual restoration of live streaming services [4]. - The impact of the lower-margin live streaming business on overall revenue is considered limited due to the growth in core advertising and e-commerce sectors [4].