Zhi Tong Cai Jing·2026-03-26 02:33Group 1 - The core viewpoint of the report is that Kuaishou-W (01024) is currently valued at 12/10 times the Non-IFRS P/E for 2026/2027, with a target price of HKD 72.8, indicating a potential upside of 37% [1] - In Q4 2025, the company's revenue increased by 12% year-on-year to RMB 39.6 billion, with Non-IFRS net profit at RMB 5.46 billion, and e-commerce GMV grew by 13% to RMB 521.8 billion, aligning with market expectations [1] - The advertising revenue in Q4 2025 rose by 14.5% to RMB 23.6 billion, slightly improving from Q3 2025, driven by strong demand from content consumption and AI application advertisers [1] Group 2 - The AI strategy is deepening, with Kuaishou's revenue from AI commercialization in Q4 2025 reaching RMB 340 million, and monthly revenue exceeding USD 20 million in December 2025, with a target of over 100% revenue growth in 2026 [1] - The company plans to invest significantly in AI infrastructure, with a capital expenditure of RMB 26 billion planned for 2026, an increase of approximately RMB 11 billion from the previous year [1] - Kuaishou announced its first annual dividend of approximately HKD 3 billion, following a special dividend of HKD 2 billion in August 2025, reflecting confidence in its development [2]