金吾财讯 | 招银国际研报指，快手(01024)公布了符合预期的1Q25业绩：总收入同比增长11%至326亿元，调整后净利润同比增长4%至46亿元，符合一致预期。可灵AI商业化表现好于该机构预期，1Q25总收入超1.5亿元。在可灵AI 2.0升级的支持之下，该机构更加看好快手AI的商业化，并预计可灵AI在FY25的收入将超过7亿元。展望2Q25，该机构预计总收入将同比增长12%，其中在线营销和电商收入增长均将加速。该机构基本维持FY25-27盈利预测不变。该机构维持基于SOTP的目标价80.0港元。快手目前的交易价格仅对应10x FY25非IFRS下PE，相较行业平均水平（16x）和公司两年历史平均水平（15x）均具备吸引力；而且公司有望在收入端及运营效率层面持续受益于AI发展。维持“买入”评级。
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