【交银国际维持快手(01024.HK)目标价64港元 第一季业绩符合预期】金十数据5月29日讯，交银国际发表研究报告，快手(01024.HK)2025年第一季度总收入及经调整净利润按年增11%及4%，基本符合预期。经调整净利率14%。电商GMV按年增15%，符合预期。该行预计第二季度电商GMV按年增14%，达人分销或带动佣金率小幅优化。广告恢复按年双位数增长，其中商城场域广告投放受益于基建完善或促进内循环增长加速，外循环继续受内容消费、本地生活拉动。预计可灵全年收入超1亿美元。该行基本维持2025年利润预期203亿元人民币。考虑可灵领先的视频生成能力及商业化变现潜力，给予估值溢价，基于2025年13倍市盈率，维持目标价64港元和“买入”评级。
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