Investment Rating - The report maintains a "Buy" rating for Kuaishou Technology with a target price adjusted to HKD 66, indicating a potential upside of 26% from the current price of HKD 52.25 [3][4]. Core Insights - Kuaishou achieved its first annual profit in FY23, with a revenue of RMB 113.5 billion, a year-on-year increase of 20.5%. The gross margin improved by 7.6 percentage points to 53.1%, driven by changes in revenue structure and reduced bandwidth costs. The adjusted net profit reached RMB 10.3 billion, exceeding market expectations by 12.5% [2][3]. - Monthly active users (MAU) surpassed 700 million, with daily active users (DAU) at 383 million, reflecting a year-on-year growth of 9.4%. Advertising revenue grew by 21% to RMB 18.2 billion, primarily fueled by strong growth in e-commerce internal circulation advertising [2][3]. - The e-commerce ecosystem continues to strengthen, with a projected 25% growth in GMV for 2024. In Q4 2023, e-commerce revenue reached RMB 4.039 billion, a 29% year-on-year increase, significantly outperforming the industry average [2][3]. Summary by Sections Financial Performance - FY23 revenue was RMB 113.5 billion, with an operating profit of RMB 6.431 billion and an adjusted net profit of RMB 10.271 billion. The forecast for FY24 revenue is RMB 127.143 billion, with an expected adjusted net profit of RMB 15.942 billion [4][6]. User Metrics - DAU reached 383 million, a 4.5% increase year-on-year, while MAU hit 700 million, up 9.4%. However, total user time decreased by 2.9% due to a decline in user engagement [2][3]. Advertising and E-commerce Growth - Advertising revenue for Q4 2023 was RMB 18.2 billion, a 21% increase, driven by strong performance in e-commerce advertising. The e-commerce GMV for Q4 2023 was RMB 403.9 billion, reflecting a 29% year-on-year growth [2][3].

[Table_Page] 季报点评|媒体Ⅱ 证券研究报告 [【Table_Ti广tle] 发 传 媒 & 海 外 】 快 手 -W [公Tab司le_评Inve级st] 买入 当前价格 51.25港元 （01024.HK） 合理价值 89.58港元 前次评级 买入 电商旺季带动利润大幅超预期 报告日期 2024-03-22 [ 核Tab 心le_S 观umm 点ary ：] 相[Ta对ble市_P场icQ表uot现e] 快手-W  快手发布23Q4业绩：23Q4收入为326亿元, YoY/QoQ+15%/+17%， 恒生指数 30% vs.一致预期为326亿元。毛利率为53.1%，YoY/QoQ+7.6pct/+1.4pct， 19% vs.一致预期为51.4%，毛利率较为超预期。GAAP净利润为36亿元， 8% 利润率对应为 11%，vs.一致预期为 21.6 亿元（超 67%）。NonGAAP -4% -15% 净利润为43.6亿元，净利润率为13%，YoY+13.6pct，QoQ+2pct，vs. -26% 一致预期为32.6亿元（超34%）。23年全年公司收入达到1135亿元， YoY+20%，No ...

证券研究报告·海外公司点评·软件服务(HS) 快手-W（01024.HK） 23Q4 业绩点评：业绩超预期，利润继续释放 2024 年 03月 22日 买入（维持） 证券分析师 张良卫 [Table_EPS] 执业证书：S0600516070001 盈利预测与估值 2022A 2023A 2024E 2025E 2026E 021-60199793 营业总收入（百万元） 94,203 114,448 128,979 144,995 161,367 zhanglw@dwzq.com.cn 同比 16.13% 21.49% 12.70% 12.42% 11.29% 研究助理 郭若娜 归母净利润（百万元） -13,691 6,396 12,611 18,813 24,632 执业证书：S0600122080017 同比 82.46% 146.72% 97.17% 49.18% 30.94% guorn@dwzq.com.cn Non-GAAP净利润（百万元） -5,751.45 10,271.00 16,200.89 22,808.35 29,042.86 股价走势 同比 - - 57.73% 40.78% 27. ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3][11] Core Views - The company's revenue for 2023 reached 113.47 billion yuan, representing a year-on-year increase of 20.5%, driven primarily by a 23.0% growth in online marketing services revenue [3][5] - The gross margin improved to 50.6%, up 5.9 percentage points year-on-year, and the adjusted net profit turned positive at 10.271 billion yuan [3][5] - The company achieved significant revenue growth in Q4 2023, with a total of 32.561 billion yuan, a year-on-year increase of 15.1% and a quarter-on-quarter increase of 16.5% [3][5] - The short drama segment has shown strong commercial potential, with a significant increase in both supply and quality, leading to a more than sixfold increase in advertising revenue for short dramas in Q4 2023 [4][5] Financial Summary - The company forecasts net profits of 7.497 billion yuan, 8.615 billion yuan, and 9.372 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 1.7, 2.0, and 2.2 yuan [3][5] - The current price-to-earnings (P/E) ratios are projected to be 26.2, 22.8, and 20.9 for the years 2024, 2025, and 2026 respectively [3][5] - The gross margin is expected to remain strong, with projections of 50.5%, 52.3%, and 53.9% for the years 2024, 2025, and 2026 respectively [5][7] Business Development - The company is focusing on enhancing its short drama strategy, aiming to create more high-quality content and strengthen the monetization process [4][5] - The daily active users (DAU) for short dramas reached 270 million in 2023, with a 52.6% year-on-year increase in heavy users watching more than 10 episodes daily [4][5]

M N 21 Mar 2024 CMB International Global Markets | Equity Research | Company Update Kuaishou (1024 HK) More bullish on margin improvement Target Price HK$97.0 We turn more bullish on Kuaishou’s (KS) margin enhancement ahead, with ads & (Previous TP HK$97.0) ecommerce share gains to continue. KS delivered solid 4Q23 results, with inline Up/Downside 85.6% revenue and upbeat bottom line. For FY24E, we expect total revenue +10.6% YoY, Current Price HK$52.25 with livestreaming/ads/other services revenue -8%/+20% ...

Investment Rating - The report maintains a "Buy" rating for Kuaishou-W (01024.HK) [1] Core Views - Kuaishou has entered a comprehensive profitability era with improved operational efficiency, achieving a revenue of 326 billion CNY in Q4 2023, a year-on-year increase of 15%, and a Non-IFRS net profit of 43.6 billion CNY, marking a turnaround from losses [1][2] - For the full year 2023, Kuaishou reported a revenue of 1135 billion CNY, up 20% year-on-year, and a Non-IFRS net profit of 102.7 billion CNY, also a turnaround from losses [1][2] Financial Performance - In Q4 2023, the gross margin improved to 53.1%, an increase of 7.59 percentage points year-on-year and 1.39 percentage points quarter-on-quarter [2] - Operating expenses were optimized, with sales expenses at 102 billion CNY (31.3% of revenue), down 3.11 percentage points year-on-year; R&D expenses at 33 billion CNY (10.1% of revenue), down 2.06 percentage points year-on-year; and management expenses at 7.5 billion CNY (2.3% of revenue), down 1.35 percentage points year-on-year [2] - Monthly active users reached 700 million, with daily active users at 380 million, reflecting a year-on-year growth of 9.4% and 4.5% respectively [2] Revenue Breakdown - Online marketing revenue in Q4 2023 was 182 billion CNY, a year-on-year increase of 20.6% [2] - E-commerce GMV reached 403.9 billion CNY in Q4 2023, up 29% year-on-year, with monthly paying users exceeding 130 million [2] - Live streaming revenue remained stable at 100 billion CNY in Q4 2023, indicating a healthy development phase [2] Profit Forecast and Valuation - The report forecasts Non-IFRS net profits of 161 billion CNY, 240 billion CNY, and 308 billion CNY for 2024, 2025, and 2026 respectively [2] - The current stock price corresponds to Non-IFRS P/E ratios of 12.8, 8.6, and 6.7 for 2024, 2025, and 2026 respectively [2]

快手（1024.HK）2023Q4业绩点评 利润释放超预期，电商+广告业务高增长 2024年03月21日 ➢ 事项：2024年3月20日，快手发布23Q4及2023全年业绩，23Q4总收 推荐 维持评级 入326亿元，yoy+15.1%；净利润36亿元，同比扭亏为盈；经调整净利润44 当前价格： 51.25港元 亿元，同比扭亏为盈。 ➢ 用户生态持续繁荣，MAU 破 7 亿。从用户侧来看，Q4 DAU 3.825 亿， yoy+4.5%，qoq-1.1%，主要系正常季节性因素导致；MAU 7.004 亿， [Table_Author] yoy+9.4%，qoq+2.3%； DAU日均时长保持在124.5分钟，通过算法持续优 化，包括以短剧为代表的多样化优质内容供给，保持了高用户粘性。在用户持续 增长的同时，单位新增获客成本同比进一步优化，持续提升ROI。 ➢ 23Q4收入符合预期，线上营销+电商业务高增长驱动。23Q4，1）线上营 销服务收入 182 亿元，yoy+20.6%，得益于公司精细化运营、智能营销投放产 品升级和算法持续优化。其中，内循环广告是主要增长驱动，外循环效果类广告 分析师 易永坚 收入同比 ...

传媒 | 证券研究报告 — 调整盈利预测 2024年3月21日 01024.HK 快手-W 买入 23Q4 利润表现好于预期，2023 年全面实现盈利 原评级：买入 市场价格:港币 52.25 快手发布23Q4和2023年业绩，23Q4净利润好于我们此前预期，2023年全 板块评级:强于大市 面实现盈利；短剧营销投放大幅增长，电商变现效率提升。维持买入评级。 股价表现 支撑评级的要点 30% ◼ 23Q4收入保持稳健增长，2023年全面实现盈利。23Q4营业收入325.6亿 元，同比+15.1%；IFRS净利润36.1亿元（vs. 22Q4净亏损15.47亿元）； 19% 经调整净利润43.6亿元（vs. 22Q4经调整净亏损0.45亿元），经调整净 8% 利率13.4%，环比Q3提升。23Q4国内收入317.1亿元，同比+13.2%，经 (4%) 营利润 42.5亿元，同比+235.4%；海外收入8.5亿元，同比+197.2%，经 (15%) 营亏损 5.5 亿元，同比收窄 63.2%。2023 全年收入 1134.7 亿元，同比 (26%) ra 3M -2 rp 3A -2 ya 3M -2 n 3uJ ...

交银国际研究 公司更新 互联网 收盘价 目标价 潜在涨幅 2024年3月21日 港元52.25 港元75.00 +43.5% 快手 (1024 HK) 电商/广告增长稳健，利润释放步调好于预期  2023年4季度利润超预期。快手4季度总收入326亿元人民币（下同）， 个股评级 同/环比增15%/17%，与我们/市场预期一致。成本优化好于预期，毛利率 买入 同/环比提升8/1个百分点至53%。经调整净利润44亿元，环比增37%， 对比去年同期4500万元亏损，超我们/市场预期25%/34%。海外变现环比 增30%，带动亏损收窄13%至5.5亿元。 1年股价表现 1024 HK  4季度业绩概览：1）MAU突破7亿，但总用户时长在高基数上同比降3%。 40% MSCI中国指数 2）电商GMV同比增29%，符合我们预期，持续受供给（月均动销商家数 30% 20% 同比+50%）及需求侧（MPU 1.3亿，渗透MAU 18.6%）增长驱动。我们估 10% 算佣金率1.1%，受达人分销抽佣带动同比提升8个基点。泛货架GMV占 0% 比进一步提升至>20%。3）线上营销收入增 21%，活跃广告主同比增 -10% -2 ...

女士们先生们大家好欢迎参加快手科技2023年第四季度及全年业绩电话会议请注意本次电话会议提供管理层发言部分的英文同声翻译您需要进入英文频道以便收听第三方传译员的同声翻译请留意今天的会议正在录音现在有请公司资本市场和投资者关系副总裁Matthew Zhao先生发言 謝謝Alfred,大家好,歡迎參加快手科技2023年第四季度及全年業績電話會議。今天出席電話會議的管理層有快手科技的聯合創始人、董事長兼首席執行官程一孝先生和快手科技首席財務官金炳先生。在會議開始之前,我們想提醒您。 今天的會議內容可能包含前瞻性陳述其中涉及諸多風險和不確定性實際結論和結果可能與今天討論的結論和結果有所不同除法律要求外本公司不承擔任何更新此前瞻性信息的義務有關本會議的所有重要資料包括前瞻性陳述請以公司公開資料或今日早些時候在公司IR網站發布的截至2023年12月31日的2023年第四季度及前年業績公告為準 今天的电话会议中管理层还将讨论某些非国际会计准则的财务指标仅供考虑作为补充但不能替代根据国际会计准则编制的公司财务业绩指标有关非国际会计准则财务指标的定义以及其与国际会计准则财务业绩的对照相关风险因素提示请参阅公司2023年第四季度 ...