大和研究报告指，快手(01024.HK) 今年首季业绩大致符合预期，日均活跃用户(DAU)创新高达4.08亿，日均活跃用户平均每日使用时间为133.8分钟，接近历史高位水平。期内可灵AI收入达1.5亿元人民币。随着可灵AI变现能力进一步提升，该行将可灵AI全年收入预测升至7亿元人民币，并认为AI投资支出对全年盈利的影响有限。另外，该行预期次季广告收入将有低十位数(low-teens)按年增幅，下半年回复至高十位数(high-teens)增长；料直播业务次季增长5%。至于商品交易总额(GMV)，该行预期全年升12%。
该行将2026至27年每股盈利预测下调6至7%，以反映AI建设投资及市场推广费用增加。重申“买入”评级，维持目标价70港元。(ss/u)
(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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