AI驱动全链路效率提升

Page |1| PHILLIPCAPITALHONGKONGRESEARCH快手科技(01024.HK)AI驅動全鏈路效率提升中國|互聯網公司簡介快手為中國乃至全球領先的內容社區及社交平台。作為一家以人工智慧為核心驅動和技術依託的科技公司，快手專注於通過持續的技術創新和產品升級，不斷豐富服務和應用場景，為客戶創造價值。在快手，用戶通過短視頻和直播來記錄和分享他們的生活，發現所需，發揮所長。透過與內容創作者和企業緊密合作，快手提供的技術、產品和服務可滿足用戶的多元化的需求，包括娛樂、線上營銷服務、電商、本地生活、遊戲等。財務點評2025年第一季度，公司實現總營收326億元（人民幣，下同），同比增長10.9%；盈利能力方面，經營利潤為43億元，同比增長6.6%，經調整淨利潤為46億元，同比增長4.4%。分部收入方面，1Q25線上營銷服務收入180億元，同比增長8.0%，主要由於智能產品投放解決方案應用推動營銷客戶投放消耗增加；直播收入98億元，同比增長14.4%，主要由於運營精細化及內容多元化；其他服務收入48億元，同比增長15.2%，主要由於電商業務增長。費用方面，該季度公司銷售及營銷開支佔總收入由去年同期的31.9%減至2025年第一季度的30.4%，主要是由於運營效率提升。運營資料方面，2025年第一季度，快手應用的平均日活躍用戶和平均月活躍用戶分別達4.08億及7.12億，分別同比增長3.6%和2.1%，快手應用的平均日活躍用戶創歷史新高，並且連續第三個季度超過4億。通過精細化用戶增長策略，新增用戶的平均獲客成本降低，並通過豐富的優質內容供給、持續反覆運算的流量分發機制和多元的社區互動玩法提升用戶的內容消費體驗，新增用戶留存率不斷提升。線上營銷服務：外迴圈業務為核心增長引擎，AI驅動全鏈路效率提升2025年第一季度，外循環營銷服務為主要驅動力，AI技術深度驅動全鏈路效率提升。內容消費行業中，短劇營銷消耗同比高速增長。營銷客戶以原生鏈路為基礎，提升內容價值並增強用戶粘性，加深平臺對用戶喜好的理解深度。本地生活行業中，原生私信、線索表單搜集等解決方案提升轉化率，營銷消耗同比增長超50.0%。同時，AI技術全流程賦能線上營銷服務解決方案，提供高效品牌營銷和效果轉化。根據管理層，預計第二季度線上營銷服務收入同比增速將重返雙位數，同時泛貨架場域的廣告消耗增長將有一定提速。 EPS Page |2| PHILLIPCAPITALHONGKONGRESEARCH電商：三位一體經營格局驱动多元場域不断优化公司持續優化消費者購物體驗，2025年第一季度，電商GMV同比增長15.4%至3323億元，月均活躍買家數達1.35億，同比增长7.1%。通过持续建设成长资源及广泛应用大模型，為商家提供全套智能開播工具，2025年第一季度新入駐快手商家數量同比增長超30.0%。通过建立「直播+商城+短視頻」三位一體經營格局，驱动多元場域不断优化。2025年第一季度，泛貨架電商GMV貢獻占比約30.0%，日均動銷商家同比增長超40.0%，短視頻電商GMV同比增長超40.0%。直播：同比增速轉正公司進一步加強多人直播、團播等優勢品類精細化運營，截至2025年第一季度末，簽約公會機構數量同比提升超25.0%，簽約主播數量同比增長超40.0%。投資建議2025年4月，公司推出可靈AI2.0，提出全新理念多模態視覺語言，推出多模態編輯功能，目前已經廣泛應用於廣告營銷、短劇和智能終端等多個行業。公司借助AI技術對線上營銷服務解決方案進行全流程賦能，包括AIGC營銷素材生產、營銷投放智能體和營銷推薦大模型等，提升客戶營銷轉化效率。2025年第一季度，AIGC營銷素材的日均廣告消耗約為人民幣3,000萬元。總體來說，我們看好公司的中長期成長，認為公司的合理估值為17倍2025年預測PE，對 應 每 股 目 標 價73港 元 。 我 們 預 計 公 司25-27年 營 業 收 入 分 別 為1424/1562/1707億元，淨利潤為分別為168/213/263億元，對應EPS為3.91/4.94/6.11元，當前股價對應PE為15/12/10x。整體而言，我們首次給予“增持”評級。風險因素1）AI應用進展不及預期；2）用戶增長放緩；3）互聯網行業監管風險。 Page |3| PHILLIPCAPITALHONGKONGRESEARCH財務資料 Page |4| PHILLIPCAPITALHONGKONGRESEARCH(現價截至7月14日)匯率：港元/人民幣=0.91 Page |5| PHILLIPCAPITALHONGKONGRESEARCHPHILLIP RESEARCH STOCK SELECTION SYSTEMSWe do not base our recommendations entirely on the above quantitative return bands.We consider qualitative factors like (but not limited to) astock's risk reward profile, market sentiment, recent rate of share price appreciation, presence or absence of stock price catalysts, and speculativeundertones surrounding the stock, before making our final recommendationThis publication is prepared by Phillip Securities (Hong Kong) Ltd (“Phillip Securities”). By receiving or reading this publication, you agree to be bound by the terms andThis publication shall not be reproduced in whole or in part, distributed or published by you for any purpose. Phillip Securities shall not be liable for any direct orconsequential loss arising from any use of material contained in this publication.The information contained in this publication has been obtained from public sources which Phillip Securities has no reason tobelieve are unreliable and any analysis,forecasts, projections, expectations and opinions (collectively the “Research”) contained in this publication are based on such information and are expressions of beliefonly. Phillip Securities has not verified this information and no representation or warranty, express or implied, is made that such information or Research is accurate,complete or verified or should be relied upon as such. Any such information or Research contained in this publication is subject to change, and Phillip Securities shall nothave any responsibility to maintain the information or Research made available or to supply any corrections, updates or releases in connection therewith. In no event willPhillip Securities be liable for any special, indirect, incidental or consequential damages which may be incurred from the use of the information or Research madeavailable, even if it has been advised of the possibility of such damages.Any opinions, forecasts, assumptions, estimates, valuations and prices contained in this material are as of the date indicated and are subject to change at any timeThis material is intended for general circulation only and does not take into account the specific investment objectives, financial situation or particular needs of anyparticular person. The products mentioned in this material may not be suitable for all investors and a person receiving or reading this material should seek advice from afinancial adviser regarding the suitability of such products, taking into account the specific investment objectives, financial situation or particular needs of that person,before making a commitment to invest in any of such products.This publication should not be relied upon as authoritative without further being subject to the recipient’s own independentverification and exercise of judgment. Thefact that this publication has been made available constitutes neither a recommendation to enter into a particular transaction nor a representation that any productdescribed in this material is suitable or appropriate for the recipient. Recipients shou