Ge Long Hui·2026-01-29 05:59Core Viewpoint - Citigroup's report indicates that Kuaishou is likely to announce its earnings around the end of March, with a projected year-on-year revenue growth of 9.6% to 38.8 billion yuan for the fourth quarter, aligning with market consensus [1] Revenue Growth - The revenue growth drivers are identified as live streaming, advertising, and other services [1] - The revenue structure is expected to shift towards advertising and e-commerce during the peak season, leading to an anticipated increase in gross margin from 54.7% in the third quarter to 55.5% [1] AI Revenue - Citigroup forecasts that Kuaishou's AI revenue will experience strong year-on-year growth throughout the year [1] Target Price Adjustment - The positive growth momentum of Kuaishou's AI has been incorporated into the valuation model, resulting in an increase of the target price from 88 HKD to 95 HKD, with a "Buy" rating assigned [1]