摩根大通給予快手"超配"評級 指其利潤增長將逐步顯現
格隆匯5月27日，快手發佈2025年第一季度業績。財報顯示，快手實現收入326.08億元人民幣，同比增長11%。經調整淨利潤爲45.80億元，經調整淨利潤率14%。整體來看，快手的收入和調整後淨利潤符合市場預期。
瑞銀髮布報告稱，快手的AI業務，尤其是可靈(Kling)的發展成爲財報最大亮點，商業化收入達1.5億元人民幣，其中P端付費會員收入佔比70%。隨着可靈2.0版本的推出，預計其收入將進一步加速增長，2025年可靈收入預期從此前的4.5億元上調至8億元。
同時，儘管快手第一季度因高基數和保守的電商貨幣化策略導致廣告增長緩慢，但預計從第二季度開始廣告增長將加速。
2025年第一季度，快手海外業務實現首個季度經營利潤轉正，盈利模式逐步跑通。1Q25海外整體營收同比增長32.7%至13.2億元，經營利潤達約2800萬元。海外核心發展國家巴西DAU、時長均穩步增長。
多家券商認爲，在巴西、中東、印尼等核心發展區域，快手通過因地制宜的業務佈局，如廣告、直播等，逐步構建起穩定的盈利模式。巴西市場尤爲突出，廣告業務穩健增長的同時，電商等新興業務也在積極拓展。
5月28日，快手績後高開逾6%，截至發稿，漲超5%，報51.25港元，成交額6.4億港元。瑞銀、高盛等券商維持對快手的"買入"評級，瑞銀認爲，快手在AI領域的商業化進展超出預期，特別是在廣告和電商領域的賦能效果顯著。此外，快手的用戶增長和用戶參與度提升也爲業務增長提供了堅實基礎。瑞銀預計，快手的廣告和電商收入將繼續保持穩健增長，推動公司整體業績的提升，目標價爲83.40港元。
高盛對快手的Kling業務給予高度評價，認爲其在AI視頻生成領域的競爭力與谷歌不相上下，並且在海外用戶中具有較高的吸引力。中金公司(CICC)：維持對快手的"跑贏行業"評級，認爲快手的業績表現符合預期，廣告和電商業務的增長前景良好。同時，公司對可靈AI的商業化進展表示樂觀，AI技術將全面賦能快手的廣告和電商生態，進一步提升公司的盈利能力。
摩根大通對快手的前景也持積極態度。公司預計，隨着廣告收入的加速增長以及電商GMV的持續提升，快手的利潤增長將逐步顯現。摩根大通給予快手"超配"評級，目標價爲70港元，認爲公司在AI領域的潛力將爲業績增長提供有力支撐。
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