KUAISHOU(01024) 格隆汇· Ge Long Hui·2025-05-30 01:49Core Viewpoint - The company reported a solid performance in Q1 2025, with revenue and profit figures meeting expectations, indicating a stable growth trajectory in its advertising and e-commerce segments [1][2]. Group 1: Q1 2025 Performance - Revenue increased by 11% year-on-year to 32.6 billion yuan, while Non-GAAP net profit rose by 3% to 4.58 billion yuan, aligning with market expectations [1]. - Monthly Active Users (MAU) grew by 2% to 712 million, and Daily Active Users (DAU) increased by 3.6% to 408 million, with average daily usage time per DAU up by 3.3% to 134 minutes [1]. Group 2: Development Trends - The company anticipates a return to double-digit year-on-year growth in advertising revenue in Q2 2025, with a projected 12% increase, driven by opportunities in content consumption and local life advertising [1]. - E-commerce Gross Merchandise Volume (GMV) is expected to grow by 13-14% year-on-year in Q2 2025, maintaining a stable performance, particularly during the 618 shopping festival [1]. Group 3: AI Commercialization and Overseas Business - The AI segment, Keling, achieved revenue of 150 million yuan in Q1 2025, exceeding expectations, with a global user base surpassing 22 million and over 10,000 enterprise clients [2]. - The overseas business saw a 32.7% year-on-year revenue increase to 1.32 billion yuan, achieving an operating profit of approximately 28 million yuan, with steady growth in key markets like Brazil [2]. Group 4: Profit Forecast and Valuation - The company maintains its Non-IFRS net profit forecast, with the current stock price corresponding to a 10/8 times Non-IFRS P/E ratio for 2025/2026, and a target price of 66 HKD, indicating a potential upside of 35% [2].