Orient Securities·2026-01-12 09:27Investment Rating - The report maintains a "Buy" rating for the company [5][10]. Core Insights - The company is expected to achieve adjusted net profits of CNY 204 billion, CNY 225 billion, and CNY 259 billion for the years 2025 to 2027, respectively. The valuation for 2026 is set at 18x PE, leading to a target price of HKD 103.20 per share [3][10]. - The launch of the KOL 2.6 action control feature has significantly increased the company's influence in overseas markets, with notable download spikes in countries like South Korea and India [9]. - The company anticipates a steady revenue growth of 9% in 2026, reaching CNY 154.9 billion, with advertising and other business segments expected to grow by 10% and 21%, respectively [9]. Financial Summary - The company's projected financials for 2023 to 2027 are as follows: - Revenue (CNY million): 113,470 (2023), 126,898 (2024), 142,053 (2025), 154,873 (2026), 167,518 (2027) [4]. - Adjusted Net Profit (CNY million): 6,396 (2023), 15,335 (2024), 18,287 (2025), 21,457 (2026), 24,770 (2027) [4]. - Earnings per Share (CNY): 1.48 (2023), 3.56 (2024), 4.26 (2025), 5.00 (2026), 5.77 (2027) [4]. - Gross Margin (%): 50.6% (2023), 54.6% (2024), 55.1% (2025), 56.3% (2026), 56.8% (2027) [4].