--- title: "Goldman Sachs has included KUAISHOU-W as its top stock pick for the month, with a target price of HKD 88." description: "Goldman Sachs has included KUAISHOU-W as its top stock pick for the month, with a target price of HKD 88. Goldman Sachs analysts predict that the overall consumption growth rate will slow down to 7% i" type: "news" locale: "en" url: "https://longbridge.com/en/news/104326126.md" published_at: "2023-12-14T04:45:03.000Z" --- # Goldman Sachs has included KUAISHOU-W as its top stock pick for the month, with a target price of HKD 88. > Goldman Sachs has included KUAISHOU-W as its top stock pick for the month, with a target price of HKD 88. Goldman Sachs analysts predict that the overall consumption growth rate will slow down to 7% in 2024, and they believe that the future revenue growth of KUAISHOU-WR will mainly come from the expansion of the e-commerce category, the increase in penetration rate of paid users, and the monetization efficiency improvement of the platform's promotional products. Goldman Sachs believes that the improvement in the e-commerce monetization rate of KUAISHOU-WR is expected to reduce the proportion of low-profit live streaming business, while improving profitability through cost control and optimization of bandwidth. KUAISHOU-WR has differentiated content that attracts different user groups compared to Douyin and Video Number, and its operating performance is currently growing in line with Goldman Sachs' predictions. Goldman Sachs recently released a research report, listing KUAISHOU-W (01024) as a "TOP PICK". Goldman Sachs has set a target price of HKD 88 for KUAISHOU-WR in the next 12 months. This means that KUAISHOU-WR's stock price has a potential increase of over 60%. In terms of macro logic, Goldman Sachs analysts predict that the overall consumption growth rate will slow down to 7% in 2024. Among them, the main goods are expected to grow by 6% next year, while service consumption will be more resilient, with an expected growth rate of 9.2% next year. Chinese consumers in 2024 will be more inclined to rational spending, which means that consumption patterns are beginning to return to the core value of goods or services. Therefore, in terms of the main fundamentals and stock price driving factors in 2024, the Goldman Sachs analysis team emphasizes value consumption and global business expansion. Goldman Sachs analysts believe that in the next two years, the driving force and sustainability of KUAISHOU-WR's revenue growth mainly come from three aspects: first, there is still room for expansion in the e-commerce category, especially for standard products including consumer electronics and home furnishings (accounting for about 16% of GMV in the third quarter), as merchants explore new GMV growth channels; second, although KUAISHOU-WR currently has over 110 million MPU, it still accounts for a relatively low proportion compared to its 650 million MAU. With the optimization of live-streaming e-commerce content recommendations and the progress of pan-category shelves, there is still room for improvement in the penetration rate of paid users, ARPU, and purchase frequency; third, the improvement of monetization efficiency. KUAISHOU-WR improves the monetization efficiency of e-commerce traffic through its "site-wide promotion" product. At the same time, Goldman Sachs is optimistic about the future improvement of KUAISHOU-WR's profit margin. Goldman Sachs believes that the increase in KUAISHOU-WR's e-commerce monetization rate can reduce the proportion of the low-profit live-streaming business. In addition, KUAISHOU-WR achieves comprehensive cost control through measures such as improving customer acquisition and retention efficiency and optimizing bandwidth. In terms of competition in the short video industry, Goldman Sachs analysts pointed out that KUAISHOU-WR is different from Douyin and Video Number in many aspects, attracting different user groups through differentiated content. Although the competition is still fierce, it is more about the short video industry seizing the overall duration and advertising share of the Internet. Currently, KUAISHOU-WR's operating performance is growing in the direction predicted by Goldman Sachs. In the third quarter of 2023, KUAISHOU-WR achieved revenue of RMB 27.948 billion, a year-on-year increase of 20.8%. Among them, online marketing service revenue was RMB 14.69 billion, a year-on-year increase of 26.7%; live-streaming business revenue was RMB 9.719 billion, a year-on-year increase of 8.6%; other business revenue was RMB 3.539 billion, a year-on-year increase of 36.6%. In the third quarter, the company achieved a gross profit of RMB 14.453 billion, a year-on-year increase of 35.0%; the gross profit margin increased by 5.4 percentage points to 51.7% year-on-year; the adjusted net profit margin reached 11.4%. ### Related Stocks - [81024.HK - KUAISHOU-WR](https://longbridge.com/en/quote/81024.HK.md) - [01024.HK - KUAISHOU-W](https://longbridge.com/en/quote/01024.HK.md) - [GS.US - Goldman Sachs](https://longbridge.com/en/quote/GS.US.md) ## Related News & Research | Title | Description | URL | |-------|-------------|-----| | 伊朗风险推高油价 | 由于美国可能打击伊朗以及霍尔木兹海峡可能中断的紧张局势升级，原油价格有望实现三周以来的首次周线上涨；高盛（GS）和摩根大通（JPM）的策略师认为，在基本情况下，持续的供应损失是有限的。 | [Link](https://longbridge.com/en/news/276454275.md) | | 智通港股沽空统计 \|2 月 16 日 | 根据智通财经 APP 的统计，2 月 16 日港股沽空情况显示，比亚迪股份-R、京东集团-SWR 和快手-WR 的沽空比率分别为 100.00%、97.67% 和 80.79%。沽空金额方面，美团-W、阿里巴巴-W 和小米集团-W 分别为 | [Link](https://longbridge.com/en/news/276018190.md) | | 高盛认为央行购金放缓是暂时现象 | 高盛集团表示，尽管近期各国央行的黄金购买节奏因价格波动放缓，但这一现象可能是暂时的。大型新兴市场央行的黄金配置比例仍低于目标水平，且外汇储备管理者仍有意增持黄金以对冲风险。高盛预测，金价将在 2026 年底前缓慢上行至每盎司 5400 美元 | [Link](https://longbridge.com/en/news/276416119.md) | | “对不起，今年我们只招并购经理” | 2026 年春节前，投资市场招聘趋势发生变化，最受欢迎的岗位为并购经理，薪资高达百万。高盛 CEO 预测 2026 年将是历史上最大的并购年，降息、财政刺激及 AI 投资推动并购市场。数据显示，2025 年有 305 家上市公司设立 321 | [Link](https://longbridge.com/en/news/276192130.md) | | 高盛、纳斯达克 CEO 将出席特朗普两儿子主办的加密货币 “论坛” | 本周三，华尔街高管与投资者将在特朗普私人海湖庄园参加由特朗普家族支持的加密货币论坛，探讨 “金融与科技的未来”。出席嘉宾包括高盛 CEO 大卫・所罗门、富兰克林邓普顿 CEO 珍妮・约翰逊等。论坛引发利益冲突争议，批评者认为官员与特朗普家族 | [Link](https://longbridge.com/en/news/276120615.md) | --- > **Disclaimer**: This article is for reference only and does not constitute any investment advice.