智通财经网·2026-01-28 03:01Core Viewpoint - UBS has raised its valuation and target price for Kuaishou due to strong commercialization progress of its AI product, Keling AI, expected to reach significant revenue growth by early 2026 [1][2] Group 1: Keling AI Performance - Keling AI's annual recurring revenue (ARR) is projected to reach $240 million by December 2025, with January 2026 daily revenue increasing by approximately 30% compared to December 2025 [1] - Keling AI's monthly active users (MAU) surpassed 12 million in January, with a 350% quarter-over-quarter growth in paid users [1] Group 2: Product Development and User Engagement - Recent product iterations, including the unified multimodal video model Keling O1 and the Keling 2.6 model with "audio-visual synchronization" capabilities, have contributed to Keling AI's success [1] - The introduction of action control features allows users to create videos with precise movements and expressions, lowering the usage barrier and enhancing organic discussions around the product [1] Group 3: Market Potential and User Base Expansion - UBS estimates the potential global user base for video generation AI to be between 90 million and 140 million, corresponding to an annual revenue potential of $11 billion to $23 billion, indicating a low current industry penetration rate [2] - Keling's user base is expanding beyond professional users to a broader audience, which is expected to enhance its commercialization capabilities [2] Group 4: Financial Projections and Ratings - UBS has raised its revenue forecast for Keling to 2.3 billion RMB for 2026, reflecting a 128% year-over-year growth [2] - UBS maintains a "Buy" rating for Kuaishou and has increased its target price from 95 HKD to 108 HKD, primarily due to the enhanced valuation of Keling [2] - The core business of Kuaishou, excluding Keling, is expected to continue showing steady growth in revenue and operating profit through 2026, with current valuation levels remaining attractive compared to peers [2]