申万宏源：维持快手-W(01024)“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 Keling AI, which are expected to enhance video generation efficiency and drive user and revenue growth [1] Group 1: Keling AI Updates - Keling AI has launched several updates in December, including the world's first full-modal video model Keling O1 and the first audio-visual model Keling 2.6, which are anticipated to increase user numbers and payment rates [1] - The Keling O1 model supports full-modal editing, improving workflow efficiency, while Keling 2.6's audio-visual capabilities are expected to integrate well with gaming, advertising, short dramas, and live streaming [1] - Keling AI's website traffic has significantly increased, surpassing competitors like Minimax, Runway, and Midjourney by the end of December 2025 [1] Group 2: Pricing Advantage - Keling 2.6 offers a clear 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 [2] - In comparison, Google Veo 3.1's standard version is priced at $0.4 per second, while Sora 2-pro is priced at $0.3 per second, making Keling 2.6 competitively priced [2] - Keling AI's revenue exceeded 300 million yuan in Q3 2025, with an annual revenue forecast of $140 million [2] Group 3: Impact on Core Business - The One series of generative models has positively impacted Kuaishou's marketing and e-commerce sectors, with the OneRec model boosting domestic marketing revenue by approximately 4%-5% 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 segment [3] Group 4: Outlook for 2026 - The company is expected to maintain steady growth in its core business through 2026, despite previous network attacks that have been addressed without significant impact on other operations [4] - The company’s live streaming revenue has been stabilized through strict ecosystem governance, and the growth in core advertising and e-commerce businesses is expected to mitigate the lower-margin impact of live streaming [4]