Guosen Securities: Maintains "outperform" rating on Kuaishou-W (01024), able to enter the top tier of global models.

According to the Zhixin Finance and Economics APP, Guosen Securities released a research report stating that it maintained a "outperform market" rating for Kuaishou-W (01024), with forecasted adjusted profits of 202/238/281 billion yuan for the years 2025-2027, a year-on-year increase of 11/18/18%, and a CAGR of 15%. The corresponding PE is 14/12/10x. The company announced a special dividend of HK$0.46 per share for the second quarter of 2025, totaling HK$2 billion; combined with buybacks, it is estimated that the current shareholders' return rate is around 2%. As of June 2025, Kuaishou has a total available capital of 101.9 billion yuan, laying the foundation for the development of future AI business and shareholder returns. Excluding borrowings, the net cash is 89.7 billion yuan. Kuaishou has already entered the top ranks of global AIGC manufacturers, with bright prospects. Recommendations for observation include: 1) AI algorithms optimization for main business advertising; 2) Kuaishou's revenue growth rate and global AIGC development trends.