KUAISHOU(01024) 华安证券·2025-03-10 16:12Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - Kuaishou is a leader in the AI-driven video generation field, with its AI capabilities expected to enhance advertising efficiency [1][5] - The launch of the "Keling AI" app and its various product offerings indicate a strong commitment to AI development [3][4] - The company has shown significant user growth and competitive strength in the AI model capabilities, ranking 20th in a global list of generative AI applications [4] Financial Projections - Total revenue projections for 2024-2026 are estimated at 127.3 billion, 141.4 billion, and 155.7 billion CNY respectively, reflecting a growth rate of 20%, 12%, and 11% [6][8] - Non-GAAP net profit projections for the same period are 17.6 billion, 22.7 billion, and 27.8 billion CNY, with growth rates of 279%, 72%, and 29% [6][8] - The expected EPS (Non-GAAP) for 2024-2026 is 4.10, 5.27, and 6.47 CNY respectively [8] User Growth and Product Development - As of December 2024, Keling AI has 6 million users, generating 65 million videos and 175 million images [4] - The Keling AI app has introduced various membership tiers, enhancing user engagement and monetization opportunities [3] Advertising Efficiency - AI is anticipated to improve advertising efficiency and reduce content generation costs, benefiting both small and large advertisers [5] - The increase in advertising supply is expected to enhance revenue for advertising platforms, leading to a positive industry outlook [5]