Tiger Brokers

KUAISHOU-W's Q1 Performance Exceeds Expectations with Accelerated Commercialization of AI Models

Stock News
May 29

招商证券发布研究报告，维持对快手-W(01024)的“增持”评级及64港元目标价，该目标价对应2026及2027财年经调整市盈率分别为15倍和13倍。该行指出，快手正处于由人工智能驱动内容生态重塑与商业化价值释放的关键转折点。其AI模型“可灵”以超预期的商业化速度和领先的市场地位，验证了公司第二增长曲线的确定性。同时，AI漫剧、AI营销助手、AI电商搜索等全方位AI应用正为传统业务持续注入新的增长动力。公司现金储备充裕，全年股东回报率约为4%，在坚定投入AI领域的同时保持了稳健的财务纪律。

快手2026年第一季度业绩超出市场预期，总收入达到337亿元人民币，同比增长3.4%，略高于市场预期约1%。线上营销服务收入为196亿元，同比增长9.3%，超出预期约1%，主要得益于AI漫剧的爆发式增长以及AI应用带来的旺盛广告投放需求。第一季度国内线上营销收入增速超过10%，其中AI大模型为国内营销收入贡献了3%至4%的增量。报告指出，第一季度其他服务收入为56亿元，同比增长15.9%，较预期高出约2%，主要原因是“可灵”AI模型单季收入超过6.5亿元，大幅超出预期约29%。直播业务收入为85亿元，同比下降13.5%，符合市场预期，反映了公司对娱乐直播生态的持续规范化治理。

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Most Discussed

  1. 1
     
     
     
     
  2. 2
     
     
     
     
  3. 3
     
     
     
     
  4. 4
     
     
     
     
  5. 5
     
     
     
     
  6. 6
     
     
     
     
  7. 7
     
     
     
     
  8. 8
     
     
     
     
  9. 9
     
     
     
     
  10. 10