The Zhitong Finance App learned that Guosheng Securities released a research report stating that maintaining the Kuaishou-W (01024) “buy” rating, the company expects revenue of 1385/1498/162.9 billion yuan in 2026-2028, with an adjusted net profit of 85/85/11.1 billion yuan. On October 15, 2026, Kling AI officially launched Kling 4.0 in full, and the creation page was upgraded simultaneously; previously, 4.0 Flash was opened to some users on September 28. The bank is optimistic about the performance iteration and commercialization of Keling AI.
Guosheng Securities's main views are as follows:
Keling 4.0 enhances long lens generation, complex motion and fine control capabilities to further meet the needs of professional content production
The new version's single native generation time has been increased from 15 seconds to 30 seconds, supports up to 10 keyframe control and a total of up to 15 multi-modal references, and focuses on improving the stability of high-speed motion, continuous motion, and complex motion. Among them, key frames are used to set plot nodes, and multi-modal references help maintain the consistency of characters, scenes, and products; the video editing function supports partial modification of character movements, footage, backgrounds, etc. The bank believes that simultaneous improvements in generation time, control ability, and editing functions are expected to reduce fragment splicing, repeated generation, and post-processing, and further reduce professional content production costs.
In early official tests, the model performed well in terms of continuous combat, complex mirror movement, and item consistency
According to the “Support the Wall”, the creator officially invited by Keling and senior creative director of Ogilvy and America, the model can generate an unedited 30-second fight by providing only two character materials and scene maps. The characters continuously complete actions such as climbing over sofas, colliding with bookshelves, and picking up books as props, and the interaction with the surrounding environment is quite natural. The character's movements also maintain good stability under high-speed camera flapping and rapid propulsion. In another test, the two characters competed over a cross lock box. The lock box maintained the same shape and details in different positions. The above performance helps meet production requirements such as continuous action drama development and multi-angle product display.
Character performances and cross-scene connections are more natural, and the ability to realize complex ideas is further improved
In the officially invited creator Oasis test, the characters maintained the rhythm of their daily activities in the surreal setting of “giant ducks appearing in the bathroom.” In the test of connecting three independent scene images into a continuous video, the model was able to complement character movement and spatial changes, so that scene transformation progresses with movement while maintaining the color and style of the original image. According to feedback from Oasis, these improvements reduce iterative generation and post-patching, making it easier to turn pre-designed visual ideas into full videos.
The commercialization of Keling continues to grow, and the full launch of 4.0 is expected to further drive payment demand
Keling's revenue for the first and second quarters of 2026 exceeded 650 million yuan and 850 million yuan respectively, up more than 300% and 200% year-on-year respectively, and totaled more than 1.5 billion yuan in the first half of the year. The bank believes that Keling currently realizes monetization through user subscriptions and enterprise API services, and production results and usage costs directly affect payment intentions and call scale. Keling 4.0 enhances long lenses, fine control and local editing capabilities. Flash takes into account generation speed and cost, and is expected to meet the needs of professional production and high-frequency creation respectively and expand the number of paid users. Furthermore, the 4.0 API for enterprise customers and developers will be opened in the near future, which is expected to further drive the growth of enterprise calls.
Risk warning: Technology iteration falls short of expectations; commercialization progress falls short of expectations; industry competition intensifies, etc.