东方证券：维持快手-W“买入”评级 目标价104.36港元

Group 1 - The core viewpoint of the report is that Kuaishou-W (01024) is expected to achieve adjusted net profit of 20.4 billion, 22.5 billion, and 25.9 billion CNY for the years 2025, 2026, and 2027 respectively, with a target price of 104.36 HKD per share, maintaining a "buy" rating [1] Group 2 - In January, Kuaishou's overseas expansion has shown strong performance, with revenue and DAU remaining at relatively high levels, indicating sustained popularity [2] - The mobile revenue for Kuaishou in January reached 3.09 million USD, a month-on-month increase of 112%, with DAU at 6.94 million, a month-on-month increase of 139% [3] - The upcoming Kuaishou 3.0 version is currently in internal testing, which is expected to further enhance creative efficiency and maintain product popularity if released before the Lunar New Year [4]