大行评级丨美银：恢复对快手的覆盖，给予“买⼊”评级，目标价92港元

格隆汇2025-08-20

美银最新研报恢复了对快手的覆盖，给予“买⼊”评级，目标价92港元。采用SOTP估值法：1) 可灵8港元(估值约50亿美元)，基于2026年16倍P/S；2) 核心业务84港元，基于2026年14倍P/E。美银表示，快手是中国互联网领域杰出的AI应用公司，看好可灵为公司所带来的上行潜力。可灵货币化进程正在加速，且在推理层面的边际利润已打平。预计2025年收入1.4亿美元，到2027年将增长至4.1...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/2560128985?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2025-08-20 11:21","share_image_url":"https://static.laohu8.com/6b8fa6424aebe95f6781d04ef17a1852","id":"2560128985","market":"hk","top_or_hot":-1,"title":"大行评级丨美银：恢复对快手的覆盖，给予“买⼊”评级，目标价92港元","media":"格隆汇","content":"<div>\n<p>美银最新研报恢复了对快手的覆盖，给予“买⼊”评级，目标价92港元。采用SOTP估值法：1) 可灵8港元(估值约50亿美元)，基于2026年16倍P/S；2) 核心业务84港元，基于2026年14倍P/E。\n美银表示，快手是中国互联网领域杰出的AI应用公司，看好可灵为公司所带来的上行潜力。可灵货币化进程正在加速，且在推理层面的边际利润已打平。预计2025年收入1.4亿美元，到2027年将增长至4.1...</p>\n\n<a href=\"https://www.gelonghui.com/rss/live/live.xml\">网页链接</a>\n\n</div>\n","source":"live_gelonghui","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>大行评级丨美银：恢复对快手的覆盖，给予“买⼊”评级，目标价92港元</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n大行评级丨美银：恢复对快手的覆盖，给予“买⼊”评级，目标价92港元\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-08-20 11:21 北京时间&nbsp;&nbsp;&nbsp;<a href=https://www.gelonghui.com/rss/live/live.xml><strong>格隆汇</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>美银最新研报恢复了对快手的覆盖，给予“买⼊”评级，目标价92港元。采用SOTP估值法：1) 可灵8港元(估值约50亿美元)，基于2026年16倍P/S；2) 核心业务84港元，基于2026年14倍P/E。\n美银表示，快手是中国互联网领域杰出的AI应用公司，看好可灵为公司所带来的上行潜力。可灵货币化进程正在加速，且在推理层面的边际利润已打平。预计2025年收入1.4亿美元，到2027年将增长至4.1...</p>\n\n<a href=\"https://www.gelonghui.com/rss/live/live.xml\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU0359201612.USD","symbol_name":"贝莱德中国基金A2","start_time":0,"source_url":"https://www.gelonghui.com/rss/live/live.xml","article_id":"2560128985","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2560128985","pubTimestamp":1755660101,"columns":[],"sourceInfo":{"source_id":"live_gelonghui","name":"格隆汇"},"weMediaInfo":null,"summary":"美银最新研报恢复了对快手的覆盖，给予“买⼊”评级，目标价92港元。采用SOTP估值法：1) 可灵8港元(估值约50亿美元)，基于2026年16倍P/S；2) 核心业务84港元，基于2026年14倍P/","collect":0,"end_time":0,"defaultTopTitle":"gelonghui.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"81024":"快手-WR","159792":"互联网","160636":"互联网","LU0359201612.USD":"贝莱德中国基金A2","LU1251922891.USD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (USD) ACC","LU0051755006.USD":"摩根大通中国A (dist)","BK1590":"短视频概念股","LU0359202008.SGD":"Blackrock China Fund A2 SGD-H","LU1720050803.USD":"安联全方位中国股票基金","LU1023057109.AUD":"BGF CHINA \"A2\" (AUDHDG) ACC","LU0326950275.SGD":"Schroder ISF China Opportunities A Acc SGD-H","LU0210526637.USD":"JPM CHINA \"A\" (USD) ACC","01163":"虎视传媒","LU0456827905.SGD":"JPMorgan Funds - China A (acc) SGD","LU1303224171.USD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (USD) INC","LU1719994722.HKD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (HKD) ACC","LU2097828557.USD":"AZ EQUITY CHINA \"A\" (USD) ACC","LU2097828631.EUR":"AZ EQUITY CHINA \"A\" (EUR) ACC","LU0244354667.USD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" ACC","LU1770034418.SGD":"ALL CHINA EQUITY \"A\" (SGDHDG) ACC","LU1794554557.SGD":"Allianz All China Equity AT Acc H2-SGD","LU2097828714.EUR":"AZ EQUITY CHINA \"BAZ\" (EUR) ACC","LU0463099449.HKD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" (HKD) ACC","LU2097828805.USD":"AZ EQUITY CHINA \"A-AZ\" (USD) ACC","LU0359201885.HKD":"BGF CHINA \"A2\" (HKD) ACC","LU0348766576.USD":"ALLIANZ LITTLE DRAGONS \"A\" (USD) INC","BK1610":"ETF&股票定投概念","LU0348767384.USD":"ALLIANZLITTLE DRAGONS \"A\" (USD) ACC","BK1608":"元宇宙概念","LU0140636845.USD":"施罗德大中华区股票A Acc","BK1095":"互动媒体与服务","LU2097828474.EUR":"AZ EQUITY CHINA \"A\" (EUR) ACC A","BK1615":"港股-互联网","BK1575":"同股不同权","LU0307460666.USD":"EASTSPRING INVESTMENTS CHINA EQUITY \"A\" ACC","01024":"快手-W","LU0588546209.SGD":"Eastspring Investments - China Equity Fund AS SGD","LU0593848301.USD":"未来资产亚洲卓越消费股票基金A","BK1137":"广告","LU1188198961.HKD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" (HKD) INC QV","BK1591":"就地过年概念"},"translate_title":"Big Bank Ratings | Bank of America: Resume coverage of Kuaishou, give a \"buy\" rating, target price of HK $92","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"81024":0.6,"159792":1,"160636":1,"01163":1,"01024":1,"KSTmain":1},"content_text":"美银最新研报恢复了对快手的覆盖，给予“买⼊”评级，目标价92港元。采用SOTP估值法：1) 可灵8港元(估值约50亿美元)，基于2026年16倍P/S；2) 核心业务84港元，基于2026年14倍P/E。\n美银表示，快手是中国互联网领域杰出的AI应用公司，看好可灵为公司所带来的上行潜力。可灵货币化进程正在加速，且在推理层面的边际利润已打平。预计2025年收入1.4亿美元，到2027年将增长至4.1亿美元，长期增长潜力巨大，目标进军规模超百亿美元的专业视频创作市场。\n对于快手的核心业务，美银认为广告和电商板块均能跑赢行业，并从AI赋能中受益。与电商同行相比，美银更青睐快手，因为其收入增速更快，且不参与补贴战，盈利可见性更高。快手广告增速也远高于整体在线广告市场7%的增速。同时快手通过AI赋能其内容和商业生态系统，在流量、广告效果与消耗、电商商家的销售和运营效率方面均看到了积极效益。","kind":"live","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":true,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":1,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.36.2","shortVersion":"4.36.2","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2560128985","isCrawlerRequest":true}