【券商聚焦】国金证券：快手DAU连续3季创新高维持“买入”评级_老虎社区_美港股上老虎

【券商聚焦】国金证券：快手DAU连续3季创新高维持“买入”评级

金吾资讯2025-11-21

金吾财讯 | 国金证券研报指出，快手(01024)2025Q3实现收入356亿元，同比增长14.2%，Non-IFRS净利润49.86亿元，同比增长26.3%，Non-IFRS净利润率为14%。快手DAU达4.16亿，连续3个季度突破历史新高，MAU达到7.31亿，日均使用时长134.1分钟，用户总使用时长同比增长3.6%。该机构指，2025Q3公司GMV3850亿元，同比增长15.2%，月均买家...

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Yayoi
·2025-11-21
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国金证券研报指出，快手(01024)2025Q3实现收入356亿元，同比增长14.2%，Non-IFRS净利润49.86亿元，同比增长26.3%，Non-IFRS净利润率为14%。快手DAU达4.16亿，连续3个季度突破历史新高，MAU达到7.31亿，日均使用时长134.1分钟，用户总使用时长同比增长3.6%。该机构指，2025Q3公司GMV3850亿元，同比增长15.2%，月均买家结构迈向健康发展、复购频次持续提升。泛货架电商增长持续超越大盘，为电商GMV增长主要驱动力，占总GMV比例达到32%。AI技术对GMV起到正向驱动作用：1）端到端生成式检索架构OneSearch驱动商城搜索订单提升近5%；2）OneRec应用为电商商城信息流GMV带来高单位数提升。该机构续指，2025Q3公司面向全球用户推出了可灵AI2.5Turbo。可灵2.5Turbo在保持行业领先的内容生成效果的同时，通过不断的工程化创新降低视频生成的推理成本，将创作者的单视频生成成本降低了近30.0%。商业化层面，2025Q3可灵AI收入超过人民币3亿元。该机构表示，预计公司2025/2026/2027年公司NON-IFRS净利润分别为207/232/279亿元，当前股价对应2025/2026/2027年NON-IFRSPE分别为12.11/10.77/8.96X，维持“买入”评级。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"},"commentList":[{"id":502565425099080,"gmtCreate":1763724798571,"gmtModify":1763724800889,"author":{"id":"3480977285056834","authorId":"3480977285056834","name":"Yayoi","avatar":"https://static.tigerbbs.com/bf0a03b8bbef26ffd6f2ab331785b801","vip":1,"crmLevel":9,"crmLevelSwitch":0,"idStr":"3480977285056834","authorIdStr":"3480977285056834"},"htmlText":"还得继续跌","listText":"还得继续跌","text":"还得继续跌","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/502565425099080","repostId":2585136371,"repostType":2,"repost":{"id":"2585136371","kind":"news","pubTimestamp":1763713926,"share":"https://www.laohu8.com/m/news/2585136371?lang=zh_CN&edition=full","pubTime":"2025-11-21 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href=\"https://laohu8.com/S/600306\">商城</a>搜索订单提升近5%；2）OneRec应用为电商商城信息流GMV带来高单位数提升。</p><p>该机构续指，2025Q3公司面向全球用户推出了可灵AI2.5Turbo。可灵2.5Turbo在保持行业领先的内容生成效果的同时，通过不断的工程化创新降低视频生成的推理成本，将创作者的单视频生成成本降低了近30.0%。商业化层面，2025Q3可灵AI收入超过人民币3亿元。</p><p>该机构表示，预计公司2025/2026/2027年公司NON-IFRS净利润分别为207/232/279亿元，当前股价对应2025/2026/2027年NON-IFRSPE分别为12.11/10.77/8.96X，维持“买入”评级。</p></article></body></html>","source":"tencent","collect":0,"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>【券商聚焦】国金证券：快手DAU连续3季创新高 维持“买入”评级</title>\n<style 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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【券商聚焦】国金证券：快手DAU连续3季创新高 维持“买入”评级\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-11-21 16:32 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251121163336a4b12859&s=b><strong>金吾资讯</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>金吾财讯 | 国金证券研报指出，快手(01024)2025Q3实现收入356亿元，同比增长14.2%，Non-IFRS净利润49.86亿元，同比增长26.3%，Non-IFRS净利润率为14%。快手DAU达4.16亿，连续3个季度突破历史新高，MAU达到7.31亿，日均使用时长134.1分钟，用户总使用时长同比增长3.6%。该机构指，2025Q3公司GMV3850亿元，同比增长15.2%，月均买家...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251121163336a4b12859&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"01024":"快手-W"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251121163336a4b12859&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2585136371","content_text":"金吾财讯 | 国金证券研报指出，快手(01024)2025Q3实现收入356亿元，同比增长14.2%，Non-IFRS净利润49.86亿元，同比增长26.3%，Non-IFRS净利润率为14%。快手DAU达4.16亿，连续3个季度突破历史新高，MAU达到7.31亿，日均使用时长134.1分钟，用户总使用时长同比增长3.6%。该机构指，2025Q3公司GMV3850亿元，同比增长15.2%，月均买家结构迈向健康发展、复购频次持续提升。泛货架电商增长持续超越大盘，为电商GMV增长主要驱动力，占总GMV比例达到32%。AI技术对GMV起到正向驱动作用：1）端到端生成式检索架构OneSearch驱动商城搜索订单提升近5%；2）OneRec应用为电商商城信息流GMV带来高单位数提升。该机构续指，2025Q3公司面向全球用户推出了可灵AI2.5Turbo。可灵2.5Turbo在保持行业领先的内容生成效果的同时，通过不断的工程化创新降低视频生成的推理成本，将创作者的单视频生成成本降低了近30.0%。商业化层面，2025Q3可灵AI收入超过人民币3亿元。该机构表示，预计公司2025/2026/2027年公司NON-IFRS净利润分别为207/232/279亿元，当前股价对应2025/2026/2027年NON-IFRSPE分别为12.11/10.77/8.96X，维持“买入”评级。","news_type":1,"symbols_score_info":{"01024":1.5}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"}],"hasMoreComments":true,"newsSizeData":{"likeSize":0,"commentSize":1,"repostSize":1,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"isCrawlerRequest":true}