New Street Research - Beijing Kuaishou Technology Co Ltd (1024) ... Kuaishou 4Q24 Results: AI Monetization to Further Inch up in 2025

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New Street Research

Jin Yoon

Kuaishou 4Q24 Results: AI Monetization to Further Inch up in 2025

What’s new: Kuaishou’s reported 4Q24 revs that were slightly below consensus and our expectations. OMS could further decelerate in 1Q partly due to tougher comps in gaming and continued traffic support to merchants. AI monetization could continue to inch up partly driven by a higher subscriber base for Kling AI. We up our PT from HKD60 to HKD70 on multiples rerating related to AI. Our updated PT of HKD70 implies 14.0x FY25E P/E. We maintain our BUY rating.

Analysts:
Jin Yoon

26/03/2025 1 EN

Underlyings

Beijing Kuaishou Technology Co Ltd

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Kuaishou Technology Class B

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KYG532631028 Hong Kong Stock Exchange Cayman Islands

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Analysts

Jin Yoon

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Kuaishou 4Q24 Results: AI Monetization to Further Inch up in 2025

Kuaishou Technology (1024 HK): 4Q24: Results in line with solid 2025 outlook; market focus on Kling AI LLM.

Greater China Daily: Wednesday, March 26, 2025

Intel Vision: Where do we stand? What matters?

NTIA Hearing Focuses on BEAD; Hints, but No Answers, to Key Questions

Salt/Matterhorn (Equal Weight) Q4 24: Good EBITDAaL result in a competitive market

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