格隆匯發佈快手首次覆蓋報告:《AI成爲中長線增長引擎,可靈2.1模型打造視頻生成性價比標杆》
格隆匯研究院發佈快手(1024.HK) 首次覆蓋報告《AI成爲中長線增長引擎,可靈2.1模型打造視頻生成性價比標杆》。快手作爲中國領先的短視頻平臺,正藉助人工智能驅動新一輪增長。2025年第一季度,公司總收入達人民幣326億元,同比增長10.9%;經調整淨利潤達人民幣46億元。平臺月活躍用戶(MAU)達到7.12億,日活躍用戶(DAU)爲4.41億,日均每DAU使用時長達到133.8分鐘。電商業務方面,1Q25平臺GMV同比增長15%,達人民幣0.3萬億元。值得關注的是,公司本季度海外業務首次實現季度經營利潤轉正。AI相關業務增長勢頭強勁。2025年第一季度,可靈AI實現收入超人民幣1.5億元,其中近70%來自P端付費訂閱會員。4月15日,公司推出可靈2.0,預計將顯著加速2025財年AI業務的商業化進程。4 月推出的可靈 2.0 在語義理解、動態表現及視覺美感等方面均實現顯著提升。近期新推出的 2.1 系列模型,則展現了超強性價比和業內領先生成速度。可靈 2.1 模型,在性價比方面優勢顯著,在標準模式(720p)下生成 5s 視頻僅需20靈感值,高品質模式(1080p)下也只需 35靈感值,能夠滿足不同用戶對於成本控制的需求。在生成速度方面,高品質模式(1080p)生成 5s 視頻僅需不到 1分鐘,處於業內領先水平。作爲全球領先的視覺生成大模型,隨着新模型的推出,可靈 AI 進一步完善了其產品佈局,爲不同需求的用戶提供更優質、更高效的視頻生成解決方案。在AI賦能電商方面,快手通過智能內容生成、精準匹配與自動客服等技術,幫助商家降低運營成本、提升效率。依託大模型的視頻識別與DeepSeek語義文本能力,平臺可自動生成直播高光短視頻,提煉商品賣點,有效承接直播長尾流量。截至1Q25,AI自動生成的直播切片帶動的日均GMV同比增長超過300%。格隆匯預計,快手2025年第二季度總收入將達人民幣340億元,同比增長10%;經調整淨利潤預計爲人民幣50億元,對應調整後淨利率爲14.6%。展望全年,在AI業務持續發力的推動下,“其他服務”收入預計同比增長18%,成爲三大核心業務中增長最快的板塊。我們認爲,AI產品(以可靈AI爲代表)與電商GMV的雙輪驅動將持續強化該板塊的增長勢能。報告中英文全文可從格隆匯官網及App、彭博終端、S&P Capital IQ、LSEG Refinitiv、FactSet、Morningstar、AlphaSense等渠道獲取。

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