KUAISHOU(01024) 第一上海·2025-05-30 05:40Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 70, representing a potential upside of 36% from the current price of HKD 51.6 [1][3]. Core Insights - The company has demonstrated significant revenue and profit growth driven by its AI capabilities and overseas business commercialization, achieving a revenue of RMB 32.6 billion in Q1 2025, a year-on-year increase of 10.9% [3]. - The adjusted net profit for Q1 2025 reached RMB 4.6 billion, reflecting a year-on-year growth of 4.4%, with an adjusted net profit margin of 14.0% [3]. - The company’s DAU (Daily Active Users) and MAU (Monthly Active Users) reached historical highs of 408 million and 712 million, respectively, indicating enhanced user engagement [3]. Financial Performance Summary - Total revenue projections for the fiscal years 2023 to 2027 are as follows: - 2023: RMB 113.47 billion - 2024: RMB 126.90 billion - 2025: RMB 141.35 billion - 2026: RMB 153.97 billion - 2027: RMB 165.08 billion - The revenue growth rates are projected at 20.5% for 2023, 11.8% for 2024, and gradually declining to 7.2% by 2027 [2][15]. - Net profit is expected to grow from RMB 6.40 billion in 2023 to RMB 24.69 billion by 2027, with a notable increase of 139.8% in 2024 [2][15]. Business Segments - Online marketing services generated RMB 18 billion in Q1 2025, accounting for 55.1% of total revenue, with significant growth driven by content consumption and local life services [3]. - Live streaming revenue in Q1 2025 was RMB 9.8 billion, showing a year-on-year increase of 14.4%, while overseas business revenue reached RMB 1.3 billion, marking a 32.7% increase [3]. - The company’s AI solutions, particularly the "可靈 AI" platform, generated over RMB 150 million in revenue in Q1 2025, with a global user base exceeding 22 million [3]. Shareholder Returns - The company has repurchased approximately HKD 14.2 billion worth of shares in Q1 2025, representing about 0.68% of the total share capital, as part of its commitment to enhancing shareholder returns [3].