金吾财讯 | 中信里昂发报告指，快手(01024)2025年第一季度很可能增长放缓，总收入同比上升10%至323亿元人民币，经调整纯利同比升4%至46亿元人民币，电商的商品交易总额(GMV)同比增15%，增长放缓。外部广告可能也录得单位数增长，主要是因为2024年第一季度游戏广告支出异常高。该行预计，2025年第二季度收入和利润可能恢复双位数增长，不过GMV的放缓以及AI投资增加仍令人担忧。可灵大模型(Kling)2.0展示支援多模式视觉语言 (MVL) 输入和创建细致逼真的影片的先进能力。然而，收入贡献可能很小，而且2025年竞争可能会加剧。该行维持快手目标价67港元以及“跑赢大市”评级。
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