KUAISHOU(01024) 东方证券·2025-03-16 02:49Investment Rating - The report maintains a "Buy" rating for Kuaishou, with a target price of HKD 75.96 per share, based on a 15x PE valuation for 2025 [4][5]. Core Viewpoints - Kuaishou's Keling technology is positioned to lead in the multi-modal video generation space, with significant competitive advantages and ongoing technological iterations [2][4]. - The report emphasizes the importance of continuous monitoring of video generation model advancements and AI empowerment in existing business operations [4][8]. Summary by Sections Financial Forecast and Investment Recommendations - Adjusted net profits for Kuaishou are projected to be CNY 176 billion, CNY 201 billion, and CNY 247 billion for 2024, 2025, and 2026 respectively [4]. - The report anticipates a 13.5% growth in e-commerce GMV for Kuaishou in 2025, outpacing the market [8]. Video Generation Model Development - The report identifies Keling as a top player globally in video generation technology, particularly excelling in consistency and precise control metrics [8][22]. - Kuaishou's Keling is noted for its rapid iteration and development, maintaining a competitive edge in the evolving landscape of video generation technology [22][33]. User Engagement and Commercialization - Kuaishou's user engagement metrics, including MAU and DAU, show steady growth, with daily average usage time remaining high at 120-130 minutes [8][9]. - The report highlights the ongoing optimization of Kuaishou's internal operations to enhance user experience and commercial performance [8][9].