Dahua Jixian: It is expected that Kuaishou-W (01024) Keling AI's revenue contribution in 2026 will be higher than expected to maintain a “buy” rating

The Zhitong Finance App learned that Dahua Jixian released a research report saying that Kuaishou-W (01024) Keling AI's revenue contribution in 2026 is expected to be higher than expected because it still focuses on user growth rather than profitability. The bank believes that Kuaishou's strong performance in monetization progress will form a moat in a competitive environment. Maintain Kuaishou's “buy” rating and target price of HK$88.

According to the report, Kuaishou currently has sufficient GPU resources and the company expects capital expenditure to rise to medium to high double digits in 2025 over the same period last year, to 14 billion yuan. Dahua continues to forecast that Keling's revenue in 2025 and 2026 will be US$140 million and US$240 million, respectively. For online marketing content generation, the large model of Keling AI significantly reduces video production costs for customers.