该行表示，26年AI内容裂变爆发，从B端扩圈到C端特征加强带动可灵用增和流水再上台阶。(1)截至25 年12月，可灵在全球拥有6000万创作者、合作超3万家企业用户，累计生成超6亿个视频。如何理解这个 数量级?快手2017年视频存量超21亿个，是6年积攒下的数据;可灵发布1年半时间，生成视频的数量已占 当时的近30%。(2)可灵25年12月底起动作控制在海外出圈，ST数据显示移动端26年以来日均收入，较 12月1日-12月17日均值增长171%，DAU则增长152%，下载量增长1385%。可灵在"精确控制和稳定 性"上的碾压式优势，迁移到C端功能模板上同样重要，看好后续类似C端功能模板可灵的领先性。 东方证券发布研报称，维持快手-W(01024)"买入"评级，预测公司25-27年经调整归母净利润为 204/225/259亿元。维持此前给予公司26年18xPE估值，对应合理价值为4,048亿CNY，折合4,502亿 HKD(港币兑人民币汇率0.899)，目标价103.27港元/股。该行预计26年公司主业继续稳健增长，收入端 同比增长9%至1549亿元，其中广告业务同增10%、其他业务同增21%;利润端经调整利润 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 103.27 HKD per share, based on an 18x PE valuation for 2026 [4][10][6]. Core Insights - The company's ARR reached 240 million USD by December 2025, ranking 14th globally in commercialization, with expectations for continued revenue growth in January 2026 driven by product advantages in the consumer sector [2][3]. - The company is projected to achieve a 9% year-on-year revenue growth in 2026, with total revenue expected to reach 154.9 billion CNY, and an adjusted profit of 22.5 billion CNY, reflecting a 10% increase [3][4]. Financial Performance Summary - Revenue for 2023 is forecasted at 113.47 billion CNY, with a growth rate of 20.5%. This is expected to increase to 167.52 billion CNY by 2027, with a growth rate of 8.2% [5][12]. - Adjusted net profit is projected to grow from 6.4 billion CNY in 2023 to 24.77 billion CNY by 2027, with corresponding growth rates of -146.7% in 2023 and 15.4% in 2027 [5][12]. - The company’s gross margin is expected to improve from 50.6% in 2023 to 56.8% in 2027, while the net profit margin is projected to rise from 5.6% to 14.8% over the same period [5][12].