Investment Rating - The report gives a "Recommend" rating for Kuaishou-W (01024.HK) with a target price of HKD 62.92, compared to the current price of HKD 49.65 [1] Core Views - Kuaishou has entered a new chapter of comprehensive profitability, with its advertising and other businesses growing rapidly while the once-pillar live streaming business is shrinking, expected to continue declining in the future [1] - The competitive landscape has eased, with Kuaishou repeatedly validating the advantages of its traffic genes in competition with Douyin and WeChat Video Accounts [1] - Kuaishou's two major businesses, advertising and e-commerce, have differentiated paths and entered a stable growth track, with future emphasis on synergistic development [1] Business Overview - Kuaishou's main revenue structure consists of live streaming, advertising, and e-commerce. The live streaming business, once the main revenue contributor, is gradually shrinking due to regulatory and strategic adjustments, while advertising and e-commerce are growing [11] - Advertising revenue is driven by internal circulation, closely linked to e-commerce GMV, while e-commerce focuses on strengthening the linkage between content and shelf fields to improve MAC penetration [11] - The company's revenue structure reflects its exploration and adjustment of commercialization, with advertising as the mainstay and e-commerce still in the growth phase [11] Financial Performance - Kuaishou achieved its first full-year profit in 2023 since its IPO, with adjusted net profit reaching RMB 10.27 billion [15] - The company's gross margin, net margin, and adjusted net margin have been steadily increasing since Q1 2022, reaching 53.1%, 11.1%, and 13.4% respectively in Q4 2023 [16] - Sales expenses have decreased significantly, with sales/ R&D/ management expense ratios dropping to 31%/10%/2% in Q4 2023, down 3.1/2.1/1.3 percentage points year-on-year [17] Competitive Landscape - The competitive landscape has eased, with the MAU gap between Kuaishou and Douyin remaining stable and user overlap decreasing, indicating a more relaxed competitive environment [22] - WeChat Video Accounts, while showing strong growth, are unlikely to disrupt the top 2 positions of Douyin and Kuaishou in the short term due to differences in user profiles and industry growth slowing down [22] - Kuaishou has repeatedly validated its traffic gene advantages in competition, gradually emphasizing the concept of "public domain traffic + private domain operation repurchase" [22] Advertising Business - Kuaishou's advertising business is divided into external and internal circulation. Internal circulation advertising, which accounts for nearly half of advertising revenue, is closely linked to e-commerce GMV and is expected to continue deepening its synergy with e-commerce [48] - External circulation advertising is more influenced by macro factors and advertiser spending willingness, with strategies focusing on increasing ad load and eCPM for long-term revenue growth [50] E-commerce Business - Kuaishou's e-commerce business, recorded under "other services," achieved a GMV of RMB 1.18 trillion in 2023, a 31% year-on-year increase, with a stable commission monetization rate of around 1.19% [53] - The e-commerce strategy focuses on three key areas: public domain traffic, general shelves, and small and medium-sized brands, aiming to build a "trust e-commerce" model through content and shelf integration [56] - Kuaishou's e-commerce business is expected to be the main driver of growth in 2024-2026, with GMV growth rates of 25%/22%/15% and other service revenue growth rates of 28%/22%/15% [63] Valuation and Forecast - The report forecasts Kuaishou's revenue for 2024-2026 to be RMB 127.8/143.2/153.8 billion, with year-on-year growth of 12%/12%/7%, and adjusted net profit of RMB 16.1/21.4/25.5 billion, with year-on-year growth of 57%/33%/19% [62] - Using the SOTP valuation method, the target market value for 2024 is HKD 273.3 billion, corresponding to a target price of HKD 62.92, with a PE ratio of 12/9/8 times for 2024-2026 [62]

Market Trends and Strategic Shifts - The concept of "new line markets" has emerged, redefining the consumer potential in third-tier and below cities, with 40% of county households earning over RMB 100,000 annually and a savings rate of 38% [2] - By 2030, China's personal consumption is projected to grow to RMB 65.3 trillion, with over 66% of growth coming from third-tier and below cities [2] - Brands are increasingly targeting these "new line markets" as a strategic growth opportunity due to saturated first-tier city markets and rising customer acquisition costs [2] Kuaishou's User Base and Growth - Kuaishou's average monthly active users (MAUs) grew by 9.4% YoY in Q4 2023, surpassing 700 million for the first time [3] - 60.9% of Kuaishou's users are from third-tier and below cities, with Q4 2023 e-commerce users spending over RMB 1,000 per month on average [3] - During the 2024 CNY Spring Festival marketing campaign, the number of brands on Kuaishou increased by 121%, and Q4 2023 brand advertising revenue grew by 80% [2][4] Financial Performance and Revenue Streams - Kuaishou's online marketing service revenue reached RMB 60.3 billion in 2023, with Q4 revenue hitting a record high of RMB 18.2 billion, a 20.6% YoY increase [4] - Brand advertising revenue in Q4 2023 grew by over 80% YoY, driven by strong performance in industries like automotive and fast-moving consumer goods (FMCG) [4] - Search marketing service revenue in Q4 2023 nearly doubled YoY, with e-commerce GMV surpassing RMB 1.18 trillion for the full year [5] E-commerce and Marketing Innovations - Kuaishou's live-streaming e-commerce model, supported by its strong fan culture, has become a key driver of its commercial success [6] - The launch of the "Magnet Golden Bull" platform in May 2021 has provided tailored marketing services for e-commerce merchants, with the "Full Store ROI" strategy driving over 30% GMV growth for premium merchants [6] - Kuaishou's local life business has seen rapid growth, with merchants using the Magnet Local Push PC version experiencing a 194% increase in monthly GMV [7] Content and AI-Driven Commercialization - Kuaishou's short drama ecosystem has seen significant growth, with 94 million heavy users watching over 10 episodes daily in Q4 2023, a 50% YoY increase [8] - AI technologies like the "Pangu" video AIGC product have reduced customer acquisition costs by 62%, while the "Nuwa" digital human AIGC product supports over 2,200 digital humans broadcasting 24/7 [9][10] - AI-powered tools, such as intelligent customer service and private messaging, have improved conversion rates, with automated campaigns showing a 196% increase in ARPU compared to traditional methods [11] Strategic Vision and Future Outlook - Kuaishou's AI strategy, including its 175 billion-parameter language model, positions it as a leader in AI commercialization, with applications across content production, distribution, and conversion [9][10] - The company is transforming into a full-chain business platform, integrating AI and smart technologies to provide end-to-end solutions for brands and merchants [11][12] - Kuaishou's focus on "new line markets" and AI-driven innovations continues to unlock new growth opportunities, solidifying its role as a key player in the evolving digital economy [12]

公司研究 | 季报点评 快手-W 01024.HK 快手 4Q23 点评：利润超预期，看好 24 年 买入（维持） 股价（2024 年 03 月 27 47.95港元 泛货架推进下电商业务发展 日） 目标价格 61.28港元 52周最高价/最低价 72.5/38.4港元 总股本/流通H股（万股） 435,093/359,248 核 心观点 H股市值（百万港币） 208,627 国家/地区 中国 ⚫ 流量端：DAU稳健增长，MAU创历史新高，人均时长维持在120min以上：4Q23 行业 传媒 快手DAU yoy+4.5%至3.83亿；MAU yoy+9.4%至7亿，创新高。人均单日时长 报告发布日期 2024年03月29日 yoy-7%至124.5min。截至2023年末累计互关用户对数达330亿对。用户增长方 面，公司优化各渠道增长效率，单位新增用户的获客成本同比继续下降，4Q极速版 单DAU的补贴成本同比下降。内容消费方面，截至2023年末快手星芒短剧上线短 1周 1月 3月 12月 剧总量近千部，其中播放破亿的爆款短剧超300部，4Q短剧日均付费用户规模同比 绝对表现% -8.23 4.81 -5.14 ...

[Table_Stock] 快手-W（01024） 海外逐步起量，利润持续释放 证 券 ——快手 2023年报点评 研 究 [Table 买_R 入at （ing 维] [◼Ta bl投e_资Su摘mm要a ry] 持） 报 告 事件概述 [行Ta业bl:e _Indu传 st媒ry] 3月20日，公司发布2023年度业绩公告，公司2023年实现收入1134.70 日期: s 20h2z4q年da0t3e月m2a9r日k 亿元（yoy+20.5%）、经营利润64.31亿元、净利润63.99亿元、经调 整 利 润102.71亿 元 ； 其 中Q4单 季 实 现 收 入325.61亿 元 [T分ab析le师_A: utho陈r]旻 （yoy+15.1%）、经营利润36.22亿元、净利润36.12亿元、经调整利 Tel: 021-53686134 润43.62亿元。 E-mail: chenmin@shzq.com SAC编号: S0870522020001 分析与判断 公司营收增长稳健，公司发展进入盈利时代 。 [基Ta本bl数e_据Ba seInfo] 1、流量端：用户增长方面，公司通过优化用户增长策略、优化用 ...

2024 年 03 月 28 日 公司研究 评级：买入 (维持 ) 研究所： [Table_Title] 商业化潜能持续释放， 大模型赋能经营全链 AI 证券分析师： 陈梦竹 S0350521090003 chenmz@ghzq.com.cn 证券分析师： 尹芮 S0350522110001 路 yinr@ghzq.com.cn ——快手 （ ） 磁力大会点评 -W 1024.HK 2024 最近一年走势 投资要点：  3月26日，快手2024磁力大会将于山城重庆举行。作为行业内年 度营销盛会，本次磁力大会以「智能经营」为主题，从平台生态、 产品创新、行业机会等多维度，全面解读快手磁力引擎战略新方向 和各行业生意可持续增长新解法。  1、商业化&电商：据快手2024年磁力大会，在快手7亿用户群体 中，新线城市用户占比约60%，消费潜力有望释放，同时快手的商 业规模也在进一步提升。①2023年Q4电商用户人均月下单金额超 相对恒生指数表现 2024/03/26 过1000元。②2023年快手电商全年GMV规模突破1.18万亿，2023 表现 1M 3M 12M 年Q4本地生活GMV同比增长25倍，2023年 ...

Investment Rating - The report maintains a "Buy" rating for Kuaishou Technology with a target price of HK$72.00, reflecting a 12x P/E for 2025 [1][10]. Core Insights - Kuaishou's e-commerce and advertising businesses are expected to drive strong profit growth in 2024, with an anticipated 67% year-on-year increase in adjusted net profit [1][2]. - The company reported a 15% year-on-year revenue growth in Q4 2023, reaching RMB 32.6 billion, which met expectations [1][7]. - The adjusted net profit margin improved to 13.4% in Q4 2023, exceeding forecasts [2][7]. Summary by Sections Financial Performance - Q4 2023 revenue was RMB 32.6 billion, a 15% increase year-on-year, aligning with predictions [1][7]. - The adjusted net profit for Q4 2023 was RMB 4.36 billion, reflecting a 37% increase year-on-year [2][7]. - The gross profit margin improved from 51.7% in Q3 2023 to 53.1% in Q4 2023 [2][7]. User Metrics - Daily active users (DAUs) grew by 4% year-on-year to 383 million in Q4 2023, with a target of reaching 400 million DAUs in the second half of 2024 [1][2]. - E-commerce gross merchandise volume (GMV) increased by 29% year-on-year to RMB 404 billion in Q4 2023, driven by a rise in monthly paying users [1][2]. Revenue Streams - E-commerce GMV is projected to grow by 25% year-on-year in 2024, with shelf e-commerce expected to maintain high growth rates [2][8]. - Online marketing revenue increased by 21% year-on-year, supported by strong growth in both internal and external advertising [1][2]. Profitability Outlook - The report forecasts total revenue growth of 12% for 2024, with adjusted net profit expected to reach RMB 17.2 billion, corresponding to a net profit margin of 13.6% [2][8]. - The adjusted net profit margin is projected to remain stable, benefiting from improved revenue mix and cost efficiency [2][8]. Valuation - The target price of HK$72.00 corresponds to a 12x P/E ratio for 2025, factoring in the company's net cash position of RMB 47.9 billion [10][11]. - The report slightly adjusted revenue forecasts for 2024-2025 down by 2% to reflect changes in live-streaming revenue expectations [2][8].

%% research.95579.com %% 丨证券研究报告丨 港股研究丨公司点评丨快手 （ ） -W 1024.HK [快Ta手ble_Title及] 年财报点评：电商业务价值凸 23Q4 23 显，进入全面盈利时代 报告要点 [公Ta司bl公e_布Su2m3m年arQy]4及23年全年财报。快手23年全年实现营收1134.70亿元，同比增长20.5%， 其中23Q4实现营收325.61亿元，同比增长15.1%；23年全年Non-GAAP净利润102.71亿 元，同比扭亏为盈，其中23Q4Non-GAAP净利润43.62亿元，环比持续提升。快手全年经调 整净利润和期内利润均实现扭亏为盈，全面进入盈利时代。 ...

Investment Rating - Maintains a "Buy" rating with a target price range of 70-93 HKD [1][2][10] Core Views - Revenue growth remains steady, with profit margins continuing to expand [1][2] - The company's cost control is excellent, with adjusted net profit expected to grow significantly in 2024-2026 [2][10] - The company's commercialization capabilities, particularly in e-commerce and advertising, are expected to drive future growth [2][9] Financial Performance - Q4 2023 revenue reached 32.6 billion CNY, a 15% YoY increase, with a gross margin of 53.1%, up 7.6 percentage points YoY [1][5] - Adjusted net profit for Q4 2023 was 4.36 billion CNY, with an adjusted net profit margin of 13.4%, up 14 percentage points YoY [1][5] - Domestic revenue in Q4 2023 was 31.7 billion CNY, a 13% YoY increase, while overseas operations incurred a loss of 550 million CNY [1][5] Operational Metrics - Q4 2023 MAU reached 700 million, a 9% YoY increase, while DAU was 383 million, up 4% YoY [1][7] - Total traffic in Q4 2023 decreased by 3% YoY, with daily user time spent declining by 7% YoY to 124.5 minutes [1][7] - The company expects DAU to reach 400 million by the second half of 2024 [1][7] Commercialization - E-commerce GMV in Q4 2023 grew 29% YoY to 403.9 billion CNY, with revenue from e-commerce increasing 36% YoY to 4.3 billion CNY [2][8] - Advertising revenue in Q4 2023 grew 21% YoY to 18.2 billion CNY, driven by strong performance in outbound advertising [2][9] - The company expects e-commerce GMV to grow 25% and advertising revenue to grow over 20% in 2024 [2][9] Financial Forecasts - Revenue is expected to grow 11.8% in 2024 to 126.8 billion CNY, with adjusted net profit projected to reach 16.5 billion CNY, a 60.2% YoY increase [3][10] - Adjusted EPS is forecasted to increase from 2.47 CNY in 2023 to 3.96 CNY in 2024 [3] - ROE is expected to rise from 13% in 2023 to 22.5% in 2024 [3] Valuation Metrics - The adjusted P/E ratio is expected to decrease from 18.8x in 2023 to 11.8x in 2024 [3] - EV/EBITDA is projected to decline from 29.9x in 2023 to 15.7x in 2024 [3]

2024 年 03 月 24 日 公司研究 评级：买入 (维持 ) 研究所： [Table_Title] 利润表现超预期， 年广告及电商有望保持 2024 证券分析师： 陈梦竹 S0350521090003 chenmz@ghzq.com.cn 证券分析师： 尹芮 S0350522110001 强健增长 yinr@ghzq.com.cn ——快手 （ ） 财报点评 -W 1024.HK 2023Q4 最近一年走势 事件 : 3月20日，公司公告2023Q4季报，实现营收325.6亿元（YoY+15.1%， QoQ+16.5%），营业利润36.22亿元，净利润36.12亿元，经调整净利 润43.62亿元。公司2023年全年实现营收1134.7亿元（YoY+20.5%）， 营业利润64.31亿元，净利润63.99亿元，经调整净利润102.71亿元。 我们的观点：  1、 运营情况：持续优化用户增长策略和算法，2023Q4平台用户数 相对恒生指数表现 2024/03/22 据保持稳健增长，MAU达7.00亿，DAU达3.83亿，日活跃用户日 表现 1M 3M 12M 均时长124.5分钟，保持高用户粘性。 快手- ...

[Table_Main] 公司研究|互联网行业|短视频行业 证券研究报告 快手(1024.HK)公司点评报告 2024年03月21日 [T业able绩_Tit表le] 现亮眼，广告及电商业务稳步增长 [Table_Inves 买t] 入|维持 ——快手(1024.HK) 2023 年四季度及年度业绩点评 [事Ta件ble：_S ummary] [[基TTaa本bbll数ee__据BTaa rsgee]t Price] 公司发布2023年四季度及全年业绩。 52周最高/最低价（港币）： 72.5 / 38.4 港股流通股（百万股）： 4,350.58 点评： 港股总股本（百万股）： 4,350.58  全年营收实现稳步提升，进入全面盈利时代 流通市值（百万港币）： 222,966.23 2023年全年，公司实现营业收入1134.7亿元，同比增长20.5%；毛利率为 总市值（百万港币）： 222,966.23 50.6%，较去年同期提升5.9pct；经调整净利润为102.71亿元，净利率达 [[相TTaa关bbll研ee__究PDioc报cQR告ueop toe]r t] 9.1%，较上年同期+15.2pct， ...