智通财经网·2026-02-05 06:14Core Viewpoint - Dongfang Securities predicts Kuaishou-W (01024) adjusted net profit for 2025-2027 to be CNY 20.4 billion, CNY 22.5 billion, and CNY 25.9 billion respectively, maintaining a 2026 PE valuation of 18x, corresponding to a fair value of CNY 404.8 billion, or HKD 454.2 billion, with a target price of HKD 104.36 per share and a "Buy" rating [1] Group 1 - Kuaishou's overseas expansion has shown strong performance in January, with revenue and DAU remaining at relatively high levels, indicating sustained interest [1] - The new version of Kuaishou, version 3.0, is currently in internal testing, which is expected to enhance workflow connectivity and differentiate itself from competitors through native text output, potentially driving further technological advancements [1][3] Group 2 - In January, Kuaishou's mobile overseas revenue reached USD 3.09 million, a month-on-month increase of 112%, with DAU at 6.94 million, up 139% [2] - The revenue from the U.S. remains volatile but is the largest source of income for the mobile platform, with projections for January revenue to reach USD 2.4 to 2.6 million, reflecting a month-on-month growth of 20% to 30% [2] Group 3 - The anticipated release of Kuaishou 3.0 before the Lunar New Year could spark a new wave of creative activity, leveraging the product's January momentum [3] - Key upgrades in version 3.0 include multi-modal training support, improved video generation capabilities, and enhanced consistency in character and scene details during transitions [3]