《大行》星展恢復覆蓋快手(01024.HK)予「買入」評級 AI解鎖下一階段增長
星展銀行發表研報指,快手(01024.HK)作爲中國第二大短視頻平臺,擁有超過7億月活躍用戶,其科技憑藉去中心化分發和黏性強、社區驅動的生態系統脫穎而出。其在低線城市及非標準化電商品類的優勢創造了結構性增長空間。利用海量的專有數據集訓練先進AI模型(如OneRec和可靈),公司提升用戶黏性,開拓新收入來源,併爲其商家節省成本。
星展銀行預測,快手調整後盈利在2025至2027財年分別增長16%、20%、18%,反映高於行業的廣告和電商增長,新OneRec模型提升用戶停留時間並可能改善廣告分發效率,低線城市用戶的購買力展現更穩健的增長;由於用戶忠誠度高,營銷費用增長放緩。該行恢復覆蓋快手,並予「買入」評級,目標98元,基於2026財年15倍市盈率,高於過去兩年平均值1個標準差。
星展銀行表示,快手的AI圖像、影片生成工具,成爲一款罕見的具全球AI貨幣化潛力的中國應用,預計2027財年收入將達27億元人民幣。該行又認爲重估尚未完成:內容生成和分發的AI採用預計將爲核心廣告和電商帶來顯着效益,而低線城市用戶的穩健購買力應進一步支持高於行業的增長。
該行預測,快手在2025至2027財年廣告收入,分別增長12%、12%及11%;電商GMV分別增長14%、11%及9%,均高於行業增長;直播收入分別增長6%、4%及3%;電商收入分別增長23%、12%及10%。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.