美银最新研报恢复了对快手的覆盖，给予“买⼊”评级，目标价92港元。采用SOTP估值法：1) 可灵8港元(估值约50亿美元)，基于2026年16倍P/S；2) 核心业务84港元，基于2026年14倍P/E。 美银表示，快手是中国互联网领域杰出的AI应用公司，看好可灵为公司所带来的上行潜力。可灵货币化进程正在加速，且在推理层面的边际利润已打平。预计2025年收入1.4亿美元，到2027年将增长至4.1亿美元，长期增长潜力巨大，目标进军规模超百亿美元的专业视频创作市场。 对于快手的核心业务，美银认为广告和电商板块均能跑赢行业，并从AI赋能中受益。与电商同行相比，美银更青睐快手，因为其收入增速更快，且不参与补贴战，盈利可见性更高。快手广告增速也远高于整体在线广告市场7%的增速。同时快手通过AI赋能其内容和商业生态系统，在流量、广告效果与消耗、电商商家的销售和运营效率方面均看到了积极效益。
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