星展银行发表研报指，快手作为中国第二大短视频平台，拥有超过7亿月活跃用户，其科技凭借去中心化分发和黏性强、社区驱动的生态系统脱颖而出。其在低线城市及非标准化电商品类的优势创造了结构性增长空间。利用海量的专有数据集训练先进AI模型(如OneRec和可灵)，公司提升用户黏性，开拓新收入来源，并为其商家节省成本。 星展预测，2025至2027财年快手调整后盈利将分别增长16%、20%、18%，反映高于行业的广告和电商增长，新OneRec模型提升用户停留时间并可能改善广告分发效率，低线城市用户的购买力展现更稳健的增长；由于用户忠诚度高，营销费用增长放缓。该行恢复覆盖快手，并予“买入”评级，目标98港元，基于2026财年15倍市盈率，高于过去两年平均值1个标准差。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱：news_center@staff.hexun.com
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.