2024-09-27 08:37Investment Rating - The report maintains a "Buy" rating for Kuaishou Technology [5] Core Viewpoints - Kuaishou is committed to investing in AI large models to reshape its platform ecosystem, with its self-developed video generation model, Keling AI, having served over 2.6 million users and generated 53 million images and 27 million videos [5] - The company is leveraging its content ecosystem advantages, with AI technology expected to enhance commercial efficiency, particularly in e-commerce conversion rates [5] - Kuaishou's local life services are experiencing rapid growth, with a 37% increase in daily payment users and nearly tripling GMV year-on-year [5] Financial Summary - Revenue projections for Kuaishou are adjusted to 127.3 billion, 142.3 billion, and 157.7 billion RMB for 2024E, 2025E, and 2026E respectively, reflecting a decrease from previous estimates [6][8] - Adjusted net profit expectations are revised to 17.4 billion, 26.2 billion, and 32.4 billion RMB for the same years [6][8] - The company is expected to maintain a steady growth in traffic and commercial performance, with a narrowing of overseas losses anticipated [6]