China Merchants Securities maintains a Buy rating on Kuaishou (01024.HK) and a
HK$64 target price, implying adjusted P/E of 15x/13x for FY2026/FY2027. The
broker says Kuaishou is at a key inflection as AI-driven content ecosystem
reshaping and faster-than-expected commercialization validate its second growth
curve. Firm highlights company-wide AI penetration—AI mini-dramas, AI marketing
agents and AI e‑commerce search—as continuing to add incremental revenue to
legacy businesses. Kuaishou is cash-rich, offering roughly 4% annual shareholder
return, and is keeping financial discipline while sustaining AI investment.
