金吾财讯 | 快手-W（01024）盘中股价下跌2.91%，最新报31.38港元，成交额5.28亿港元。消息面上，中信建投证券研报称，公司二季度利润因AI投入加大阶段性承压。二季度包含电商及可灵AI的其他服务收入同比增长18.5%，环比增长11.2%，主要受可灵AI收入增长带动。利润端，由于AI及模型训练的开支增长，以及直播收入下降和收入分成成本增加，经调整净利润同比下降30.3%。该机构认为，后续需重点关注：1）可灵AI收入增长节奏及独立融资后的算力投入安排；2）对中小商家的流量扶持，以及宏观环境对电商业务的影响；3）AI投入与利润率的平衡；4）股东回报执行。该机构预计，2026-2028年公司经调整归母净利润分别为87.01/113.77/124.64亿元，同比-57.86%/+30.76%/+9.56%，2026年9月4日收盘价对应PE为14.56/11.14/10.17x。
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