智通财经网·2026-03-26 03:53Core Viewpoint - Citigroup has issued a "Buy" rating for Kuaishou-W (01024), highlighting its strong financial performance in the fourth quarter of the previous year [1] Financial Performance - Kuaishou's total revenue in Q4 increased by 11.8% year-on-year to 39.6 billion RMB, exceeding expectations [1] - The gross margin improved from 54.7% in Q3 to 55.1% in Q4 [1] - Adjusted net profit reached 5.46 billion RMB [1] Key Metrics - The total gross merchandise volume (GMV) rose by 12.9% year-on-year to 522 billion RMB, aligning with Citigroup's forecasts [1] Investor Focus - Investors are expected to pay close attention to Kuaishou's e-commerce prospects due to changes in value-added tax and traffic expenditure policies [1] - The company’s guidance on revenue expectations and management's views on the competitive landscape of video generation models will be critical [1] - Insights into artificial intelligence investment budgets and future advertising growth comments are also anticipated [1]