Zhi Tong Cai Jing·2026-01-22 02:45Group 1 - The core viewpoint of the report is that Kuaishou-W (01024) has a long-term optimistic trend and strong valuation attractiveness, leading to an initial coverage rating of "Buy" with a target price of HKD 100, indicating a potential upside of 32% [1] - The report forecasts that Kuaishou's adjusted net profit will grow by 12% and 15% year-on-year in 2026 and 2027, reaching RMB 23.1 billion and RMB 26.5 billion respectively, with core business revenue growth from advertising and e-commerce expected to reach 12% to 9% [1] - The report suggests that if AI further enhances commercialization, Kuaishou's main business may undergo a revaluation, with the market valuation of its subsidiary, Kuaishou Ling, generally ranging from 20 to 30 times sales, which is attractive compared to peers listed in Hong Kong and leading AI companies in the US [1] Group 2 - The report estimates that Kuaishou Ling's revenue will reach RMB 1.05 billion, RMB 1.85 billion, and RMB 2.6 billion in 2025, 2026, and 2027 respectively, indicating significant growth potential [1]