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快手-W（01024）：1Q25 回顾：广告收入2H25将恢复双位数增长
01024KUAISHOU(01024) Huajing Securities·2025-05-29 11:33

Group 1 - Investment Rating: Buy with a target price of HK70.00[2][3][23]−CoreViewpoint:Thecompanyexpectsadvertisingrevenuetorecovertodouble−digitgrowthinthesecondhalfof2025,drivenmainlybyexternaladvertising[2][8][9]−RevenueandProfitSummary:InQ12025,revenuegrewby1170.00 [2][3][23] - Core Viewpoint: The company expects advertising revenue to recover to double-digit growth in the second half of 2025, driven mainly by external advertising [2][8][9] - Revenue and Profit Summary: In Q1 2025, revenue grew by 11% year-on-year to RMB 32.6 billion, and adjusted net profit was RMB 4.6 billion, both in line with expectations [2][3][20] Group 2 - Financial Forecasts: Revenue and adjusted net profit forecasts for 2025-2027 remain largely unchanged [21][23] - Shareholder Returns: The company announced a share buyback plan of HK16 billion over the next 36 months, with a total of 29.2 million shares repurchased so far this year [3][21] - Key Financial Metrics: The projected revenue for 2025 is RMB 141.9 billion, with an adjusted net profit of RMB 20.4 billion, reflecting a year-on-year growth of 12% [5][21][27]