【券商聚焦】申万宏源维持快手(01024)买入评级看好可灵AI的持续发展

金吾财讯

Sep 11

金吾财讯 | 申万宏源研报指，快手(01024)25Q2实现营业收入350.46亿元，同比增长13.1%，经调整净利润56.18亿元，同比增长20.1%，对应利润率16.0%，创单季度经调整净利润率新高，超出市场预期。25Q2快手流量稳健增长，或受益于OneRec端到端推荐系统。快手推出的OneRec端到端生成式推荐大模型也有助于提升用户时长和留存率。该机构指，快手商业化持续稳健增长，电商超预期跑赢大盘。25Q2，快手线上营销收入198亿元，同比增长12.8%，OneRec端到端模型在营销场景上，提升了点击率和转化率，在电商场景上，提升了人货匹配的效率。另外，可灵技术持续迭代，25Q2实现收入2.5亿超预期。该机构看好公司主业稳健，可灵AI有大量清洗和标注的视频数据、内部工程师文化并重视AI。考虑短期宏观压力，该机构下调快手2025年-2027年收入预测至1427亿、1565亿及1710亿，（原预测1439亿、1584亿及1730亿），下调经调整净利润预期至202亿、229亿及267亿（原预测203亿、239亿及276亿），对应PE14倍、13倍及11倍。考虑可灵AI的持续发展以及快手基本面仍然维持稳健增长，利润率持续提升，该机构调整盈利预测，维持买入评级。

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