KUAISHOU(01024) 华安证券·2025-03-10 12:23Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is a leader in the AI-driven video generation field, with its "可灵 AI" product expected to enhance advertising efficiency [1][5] - The company has launched a standalone "可灵 AI" app, expanding its AI offerings across various platforms [3] - The user base for "可灵 AI" has reached 6 million, generating 65 million videos and 175 million images, indicating strong competitive capabilities [4] - The AI technology is anticipated to lower production costs and improve advertising returns on investment (ROI), benefiting both small and large advertisers [5] Financial Projections - Total revenue projections for 2024-2026 are 127.3 billion, 141.4 billion, and 155.7 billion CNY respectively, with a growth rate of 20%, 12%, and 11% [6][8] - Non-GAAP net profit estimates for the same period are 17.6 billion, 22.7 billion, and 27.8 billion CNY, reflecting significant growth rates of 279%, 72%, and 29% [6][8] - The earnings per share (EPS) is projected to increase from 2.36 CNY in 2023 to 6.47 CNY by 2026 [8][10] Market Position - The company ranks 20th in the 2025 global list of generative AI consumer applications, surpassing competitors like Sora and Midjourney [4] - The web version of "可灵 AI" saw a 44.57% month-over-month increase in traffic, reaching 18.04 million visits in January 2025 [4]