智通财经网·2026-01-15 05:57Core Viewpoint - Dongfang Securities maintains a "Buy" rating for Kuaishou-W (01024), predicting adjusted net profit for 2025-2027 to be 20.4 billion, 22.5 billion, and 25.9 billion CNY respectively, with a target price of 103.27 HKD per share [1] Group 1: Financial Projections - The company is expected to achieve a revenue growth of 9% year-on-year to 154.9 billion CNY in 2026, with advertising business growing by 10% and other businesses by 21% [1] - Adjusted profit for 2026 is projected to be 22.5 billion CNY, reflecting a year-on-year increase of 10% [1] Group 2: Kuaishou's Product Performance - Kuaishou's product "Keling" is expected to reach an Annual Recurring Revenue (ARR) of 240 million USD by December 2025, with a significant growth of 140% from 100 million USD in March 2025 [1][2] - As of December 2025, Keling has 60 million creators and over 30,000 enterprise users, generating over 600 million videos, which is nearly 30% of the total videos generated by Kuaishou in its first six years [2] Group 3: Market Expansion and User Engagement - Keling's daily average revenue increased by 171% from December 1-17, 2026, with Daily Active Users (DAU) growing by 152% and download volume increasing by 1385% [2] - The company is focusing on expanding its reach from B-end to C-end, enhancing user engagement and revenue generation [2]