快手-W（01024）可灵商业化进程加速，业绩稳定增长

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's revenue for Q1 2025 was 32.61 billion yuan, representing a year-over-year increase of 10.9%, with an adjusted net profit of 4.58 billion yuan, up 4.4% year-over-year. The gross margin was 54.6%, a decrease of 0.3 percentage points year-over-year but an increase of 0.5 percentage points quarter-over-quarter [4][5] - The Daily Active Users (DAU) reached a historical high of 408 million, growing 3.6% year-over-year, while Monthly Active Users (MAU) were 712 million, up 2.1% year-over-year. The average daily usage time per user was 133.8 minutes, with total usage time increasing by 5.9% year-over-year [4][5] - The company's e-commerce business saw a Gross Merchandise Volume (GMV) of 332.3 billion yuan in Q1 2025, reflecting a year-over-year growth of 15.4%. The number of active buyers reached 135 million, with significant growth from small and medium-sized businesses [5] - Online marketing revenue was 18 billion yuan, an increase of 8.0% year-over-year, driven mainly by external circulation. The local life sector saw marketing consumption grow over 50% year-over-year [6] - The company launched the 2.0 version of its AI application, which includes multi-modal editing capabilities, enhancing user engagement and marketing efficiency [7] - Revenue projections for 2025-2027 are estimated at 142.21 billion yuan, 154.96 billion yuan, and 168.18 billion yuan respectively, with adjusted net profits expected to be 20.16 billion yuan, 23.66 billion yuan, and 27.28 billion yuan [8][9] Financial Summary - For the fiscal year 2024, total revenue is projected at 126.90 billion yuan, with a year-over-year growth of 12%. The NON-GAAP net profit is expected to be 17.72 billion yuan, reflecting a significant increase of 72% [11] - The company’s gross margin is expected to improve gradually, reaching 57.1% by 2027, while the net profit margin is projected to increase to 14.8% [12]