快手-W升目标价至85港元，料上季经调整净利润同比升16%

里昂证券02-05

一、核心观点与目标价调整里昂证券发布研报，上调快手-W(01024)的目标价至85港元，并重申“跑赢大市”评级。预计公司2025年第四季度总收入同比增长10%至388亿元人民币，经调整净利润同比上升16%至54亿元人民币。此外，该行还上调了快手2026年和2027年的经调整净利润预测各2%，显示对其未来盈利能力的看好。二、收入增长驱动因素报告指出，快手旗下可灵AI的表现可能持续超出市场预期，成为...

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year-on-year","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"81024":0.6,"KSTmain":0.6,"01024":1.98},"content_text":"一、核心观点与目标价调整里昂证券发布研报，上调快手-W(01024)的目标价至85港元，并重申“跑赢大市”评级。预计公司2025年第四季度总收入同比增长10%至388亿元人民币，经调整净利润同比上升16%至54亿元人民币。此外，该行还上调了快手2026年和2027年的经调整净利润预测各2%，显示对其未来盈利能力的看好。二、收入增长驱动因素报告指出，快手旗下可灵AI的表现可能持续超出市场预期，成为推动收入增长的重要引擎。里昂认为，快手在成本效益方面具有显著优势，能够通过优化资源配置进一步提升盈利能力。同时，平台的用户规模和收入增长势头预计将持续加速，这为其未来的商业变现能力提供了坚实基础。三、业务发展展望快手近年来不断强化其内容生态和商业化布局，尤其是在短视频和直播电商领域保持强劲竞争力。里昂证券认为，随着技术进步和用户体验的持续优化，快手有望吸引更多广告主和付费用户，从而进一步扩大市场份额。此外，公司在AI领域的投入和创新也为长期增长打开了新的空间。四、投资建议与市场预期里昂证券对快手的积极评价不仅基于当前财务数据的改善，更着眼于其未来战略规划和行业地位的巩固。分析师团队认为，快手在竞争激烈的互联网行业中展现了较强的抗压能力和成长潜力，是值得投资者关注的核心标的之一。上调目标价和盈利预测也反映了市场对公司基本面改善的认可。五、总结总体来看，里昂证券的报告从财务表现、技术创新、用户增长等多个维度肯定了快手的发展前景。尽管市场竞争依然激烈，但快手凭借其差异化优势和持续优化的运营策略，有望在未来实现更为稳健的增长。这一分析为投资者提供了重要的参考依据，同时也增强了市场对快手未来发展的信心。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 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