大和发布研报称，将快手-W（01024）核心业务和可灵AI的估值基础进行重新调整，决定重申对快手的“买入”评级，并将12个月目标价由63港元上调至72港元。快手今年以来已回购价值8.54亿港元的股份，其总收益率预计将从2025年的约2%在2026年翻倍。
大和表示，快手2026年第一季业绩大致符合市场预期，营业收入同比增长3.4%至337.16亿元人民币。该行指，“可灵AI”（Kling AI）表现再次超越市场预期，首季录得收入6.5亿元人民币（同比增幅超过300%），截至3月的年化运行率（ARR）达到5亿美元。此外，5月有媒体报道称，基于可灵AI的ARR将在2027年第一季达到13亿美元，其正计划进行估值达200亿美元的潜在分拆上市，这进一步凸显了可灵AI加速商业化的清晰路径。该行目前预计，在部分加总法（SOTP）估值下，可灵AI将贡献集团约50%的估值，这标志着其投资叙事发生结构性转变。
责任编辑：卢昱君
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