快手-W：可灵AI次季收入趋势胜预期，评级“买入”-20250610

Investment Rating - The report assigns a "Buy" rating to Kuaishou-W (01024) with a target price of HKD 63 [1] Core Insights - Kuaishou's subsidiary, Keling AI, has achieved an annualized revenue run rate exceeding USD 100 million as of March, with monthly payments surpassing RMB 100 million in April and May, indicating that the run rate is expected to exceed both company guidance and market expectations [1] - The report projects that Keling AI's revenue for the fiscal year 2025 will exceed USD 120 million, with continued rapid growth anticipated thereafter [1]