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《大行》大和升快手(01024.HK)目標價至72元 可見度更清晰推動AI業務估值重置
大和發表研究報告指,快手-W(01024.HK)2026年第一季業績大致符合市場預期,營業收入按年增長3.4%至337.16億元人民幣,調整後淨利潤按年下降26%,主要受到較高的人工智能(AI)相關成本影響,但仍較市場預期高出8%,主要得益於投資收益。該行指,「可靈AI」(Kling AI)表現再次超越市場預期,首季錄得收入6.5億元人民幣(按年增幅超過30...
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《大行》大和升快手(01024.HK)目標價至72元 可見度更清晰推動AI業務估值重置
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大和發表研究報告指,快手-W(01024.HK)  -0.600 (-1.325%)    Short selling $256.55M; Ratio 15.734%   2026年第一季業績大致符合市場預期,營業收入按年增長3.4%至337.16億元人民幣,調整後淨利潤按年下降26%,主要受到較高的人工智能(AI)相關成本影響,但仍較市場預期高出8%,主要得益於投資收益。該行指,「可靈AI」(Kling AI)表現再次超越市場預期,首季錄得收入6.5億元人民幣(按年增幅超過300%),截至3月的年化運行率(ARR)達到5億美元。此外,5月有媒體報道稱,基於可靈AI的ARR將在2027年第一季達到13億美元,其正計劃進行估值達200億美元的潛在分拆上市,這進一步凸顯了可靈AI加速商業化的清晰路徑。該行目前預計,在部分加總法(SOTP)估值下,可靈AI將貢獻集團約50%的估值,這標誌著其投資敘事發生結構性轉變。

大和續指,儘管AI帶來提振,快手核心業務表現仍然受限。其中廣告收入按年增長9%,AI帶來3至4個百分點的提升,但增長仍受到流量限制的制約;月活躍用戶(MAU)按年增長8%快於日活躍用戶(DAU)按年增長1%,反映參與度的上行空間有限。直播業務收入因生態治理而按年下降14%,電商貨幣化則受到宏觀疲弱和商家補貼的拖累。第一季毛利率按年下降3.4個百分點至51.2%,主要受帶寬、伺服器及折舊等AI相關成本影響。此外,快手今年以來已回購價值8.54億港元的股份,其總收益率預計將從2025年的約2%在2026年翻倍。

大和表示,考慮到核心業務趨勢疲弱,將快手2026至2027年每股盈利預測下調5%至8%。然而,該行將快手核心業務和可靈AI的估值基礎進行重新調整,決定重申對快手的「買入」評級,並將12個月目標價由63港元上調至72港元。(ad/u)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-05-28 12:25.)

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