Zhi Tong Cai Jing·2026-02-13 07:41Core Viewpoint - Goldman Sachs maintains a "Buy" rating on Kuaishou (01024) with a 12-month target price of HKD 87, indicating a potential upside of approximately 25% from the current stock price [1] Group 1: Competitive Landscape - The report highlights the competition between Kuaishou's AI video generation model, Keling, and ByteDance's Seedance 2.0 [1] - Keling 3.0 has shown significant improvements in multi-modal generation, visual consistency, scene control, and multi-language audio generation, placing it among the top-tier globally [1] - Despite some market feedback favoring Seedance 2.0 for physical motion and complex action handling, Keling AI remains competitive in visual consistency, commercial scene adaptability, and professional creation capabilities, particularly in the enterprise and professional user market [1] Group 2: Market Expansion - Goldman Sachs believes the AI video generation industry is in a rapid expansion phase and will not lead to a single platform monopoly [1] - The global AI video generation market is expected to grow approximately tenfold over the next five years, reaching around USD 29 billion by 2030 [1] - Multiple leading models are anticipated to benefit from this industry expansion [1] Group 3: Commercialization and Revenue Growth - Since December of last year, Keling AI has seen a significant acceleration in overseas users and revenue, with expectations for continued growth this year [1] - Revenue for Keling AI is projected to reach approximately USD 280 million by 2026, representing a year-over-year growth of over 90% [1] Group 4: Valuation Insights - Goldman Sachs estimates that the current stock price implies a valuation of Keling at around USD 5 billion, which does not fully reflect its growth potential [2] - Following a recent stock price correction, Kuaishou's valuation is considered to be in a relatively reasonable range, with the long-term growth potential of its AI business not yet fully reflected in the current stock price [2]