花旗发表报告指，快手-W(01024.HK) 2025年第一季度总收入按年增长10.9%至326亿元人民币(下同)，较花旗及市场共识各高出1%。按业务划分，直播收入按年增长14.4%至98亿元，较花旗预估高2%；广告收入按年增长8%至180亿元，符合该行的预测；其他收入(主要为电商收入)按年增长15.2%至48.2亿元，较该行的预测高出1%。
报告指其首季毛利率从2024年第四季度的54%略升至54.6%，而调整后经营利润率也从2024年第四季度的13.9%升至14.9%，超出该行的预期。快手首季调整后盈利45.8亿元，略高于花旗及市场共识预期各45.1亿元及45亿元。按地区划分，国内及海外收入分别按年增长10.1%和33%，经营利润率分别达13.9%和2.1%，相比2024年第一季度各录14%及负27%。评级为“买入”，目标价66港元。
该行认为市场将关注快手在未来618活动上的策略及执行，以及其广告业务能否如管理层早前所预期在次季及下半年加快，以及对可灵AI的更新，该行会在业绩会议寻求更多信息。(ad/da)(港股报价延迟最少十五分钟。沽空资料截至 2025-05-27 16:25。)
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