Investment Rating - The report maintains a "Buy" rating for Kuaishou Technology (1024.HK) with a target price of 60.3 HKD, indicating an expected return exceeding 15% over the next 6-12 months [3][25]. Core Insights - Kuaishou's Q2 2024 results exceeded market expectations, with total revenue reaching 31 billion RMB, a year-on-year increase of 11.6%, and adjusted net profit of 4.68 billion RMB, surpassing the consensus estimate [2][10]. - The company's gross margin improved to 55.3%, up 5.2 percentage points year-on-year, reflecting effective cost control and operational efficiency [11][20]. - Daily Active Users (DAU) and Monthly Active Users (MAU) showed growth, with DAU at 395 million, a 5.1% increase year-on-year, and MAU at 692 million, a 2.7% increase [14][15]. Financial Performance - Total revenue for Q2 2024 was 310 billion RMB, with online marketing revenue at 175 billion RMB (up 22.1%), live streaming revenue at 93 billion RMB (down 6.7%), and other services (mainly e-commerce) revenue at 42 billion RMB (up 21.3%) [2][10]. - The adjusted net profit for Q2 2024 was 46.8 billion RMB, a 74% increase from 26.9 billion RMB in Q2 2023 [11][20]. - The company’s domestic operating profit reached 45 billion RMB, a 48% year-on-year increase, while overseas losses narrowed to 2.8 billion RMB [13][20]. Platform Ecosystem - Kuaishou's DAU growth was driven by a focus on high-quality growth strategies, with average daily usage time per DAU reaching 122 minutes, a 4.1% increase year-on-year [14][15]. - The platform has introduced innovative content, such as the first AIGC original fantasy micro-drama, which garnered over 50 million views within two weeks [14][15]. Commercialization - Online marketing revenue grew significantly, driven by external marketing services, which saw a substantial increase, particularly in media and local life sectors [16][20]. - E-commerce GMV reached 305.3 billion RMB, a 15% year-on-year increase, although it fell short of market expectations [17][20]. - Live streaming revenue declined, but new growth points were identified through the "Live+" model, enhancing user engagement and content quality [19][20]. Valuation and Forecast - The adjusted net profit forecasts for 2024-2026 have been raised to 172.8 billion RMB, 236.1 billion RMB, and 302.3 billion RMB, respectively [20][21]. - The report assigns valuation multiples of 0.6x PS for live streaming and online marketing, and 0.12x PSG for e-commerce, reflecting the competitive landscape and macroeconomic conditions [20][21].

2024 年 08 月 26 日 公司研究 评级：买入(维持) | --- | --- | |--------------|----------------------| | 研究所： | | | 证券分析师： | 陈梦竹S0350521090003 | | | chenmz@ghzq.com.cn | | 证券分析师： | 尹芮S0350522110001 | | | yinr@ghzq.com.cn | [Table_Title] 利润同比显著改善，AI 持续赋能核心业务 ——快手-W（1024.HK）2024Q2 财报点评 最近一年走势 相对恒生指数表现 2024/08/23 表现 1M 3M 12M 快手-W -8.4% -31.0% -36.6% 恒生指数 0.8% -6.7% -1.3% 市场数据 2024/08/23 当前价格（港元） 40.80 52 周价格区间（港元） 38.40-69.60 总市值（百万港元） 177,625.59 流通市值（百万港元） 177,625.59 总股本（万股） 435,356.84 流通股本（万股） 435,356.84 日均成交额（百万港元） 1,058.7 ...

Investment Rating - The investment rating for the company is "Buy" and it is maintained [3]. Core Insights - The company reported a revenue of 30.975 billion yuan for Q2 2024, representing a year-on-year growth of 11.6%. The Non-GAAP net profit reached 4.679 billion yuan, marking a significant year-on-year increase of 73.7%, setting a new record for a single quarter [3][4]. - Domestic business operating profit for Q2 2024 was 4.498 billion yuan, up 48.3% year-on-year, while overseas business incurred an operating loss of 277 million yuan, which narrowed by 64.5% year-on-year [3][4]. - The company is leveraging AI to enhance quality and efficiency, which is expected to drive high-quality growth [3][4]. Revenue Summary - In Q2 2024, the company achieved online marketing service revenue of 17.5 billion yuan, a year-on-year increase of 22.1%, contributing 56.5% to total revenue. The growth was driven by optimized smart marketing solutions and advanced algorithms [3][4]. - Live streaming revenue was 9.3 billion yuan, down 6.7% year-on-year, primarily due to ongoing governance of the live streaming ecosystem. New categories like group broadcasts and "big stage" have become core growth points [3][4]. - Other service revenue reached 4.2 billion yuan, growing 21.3% year-on-year. The e-commerce GMV for Q2 2024 grew 15% year-on-year to 305.3 billion yuan, with the general merchandise category accounting for over 25% of total GMV [3][4]. Operational Data - The user base showed slight growth, with average daily active users increasing by 5.1% year-on-year to 395 million, and average monthly active users rising by 2.7% year-on-year to 692 million [3][4]. - In overseas markets, daily active users in key regions like Brazil grew by 15.4% year-on-year [3][4]. Profitability Analysis - The company's gross margin and adjusted net profit margin reached new highs of 55.3% and 15.1%, respectively, with significant year-on-year improvements of 5.1 percentage points and 5.4 percentage points [4]. - R&D expenses decreased by 11.1% year-on-year to 2.8 billion yuan, while sales and marketing expenses increased by 16.3% to 10 billion yuan [4]. AI Empowerment - The company is accelerating its AI initiatives, with core products including language models and image generation models, which are expected to enhance business efficiency [4]. - In the first half of 2024, nearly 20,000 merchants utilized AI tools on the platform to optimize operations, with daily peak consumption of AIGC marketing materials reaching 20 million yuan [4]. Earnings Forecast - The company is expected to achieve revenues of 126.005 billion yuan and 142.011 billion yuan for 2024 and 2025, respectively, with Non-GAAP net profits projected at 17.313 billion yuan and 24.302 billion yuan [4].

Investment Rating - The report maintains a "Buy" rating for Kuaishou-W (01024.HK) [3] Core Views - Kuaishou's revenue for Q2 2024 reached 31 billion CNY, representing a year-over-year growth of 11.6%. The revenue breakdown includes advertising at 17.5 billion CNY, live streaming at 9.3 billion CNY, and e-commerce at 4.2 billion CNY, with respective year-over-year changes of +22.1%, -6.7%, and +21.3% [1] - The company is experiencing strong growth in its e-commerce segment, with a GMV of 305.3 billion CNY in Q2, up 15% year-over-year. The average monthly buyers reached 131 million, reflecting a 14.1% increase [1] - Kuaishou's advertising revenue grew by 22% year-over-year, accounting for 56.5% of total revenue, driven by the upgrade of marketing products and strong performance in various sectors [1][2] Financial Performance - Kuaishou's Q2 gross margin was 55.3%, an increase of 5.1 percentage points year-over-year. The adjusted net profit for Q2 was 4.7 billion CNY, with an adjusted net profit margin of 15.1%, up 5.4 percentage points year-over-year [1] - The report forecasts revenues of 126.5 billion CNY, 135.5 billion CNY, and 144.4 billion CNY for 2024, 2025, and 2026, respectively, with growth rates of 12%, 7%, and 7% [2][6] - Adjusted net profits are expected to be 17.4 billion CNY, 23.3 billion CNY, and 28.9 billion CNY for the same years, with growth rates of 69%, 34%, and 24% [2][6] E-commerce and Advertising Growth - The e-commerce segment is diversifying with high growth in shelf and search formats, with shelf e-commerce accounting for over 25% of total GMV in Q2. The number of active merchants and buyers has significantly increased during promotional periods [1] - Kuaishou is focusing on enhancing its smart marketing solutions, with 40% of total marketing consumption coming from merchants using comprehensive promotion products [1][2] AI Integration - Kuaishou is integrating AI into its business, with nearly 20,000 merchants utilizing its AI solutions in H1 2024. The daily consumption of AIGC marketing materials reached 20 million CNY in Q2 [2]

[Table_StockNameRptType] 快手-W（1024.HK） 公司研究/公司点评 快手 24Q2 点评：收入符合预期，利润显著超预期 | --- | --- | |--------------------------------|-------------| | [Table_Rank] | | | 报告日期： | | | [Table_BaseData] 收盘价（HKD） | 40 | | 近 12 个月最高/最低（ | 69.60/38.40 | | 总股本（百万股） | 4353 | | 流通股本（百万股） | 3600 | | 流通股比例（%） | 82.7 | | 总市值（亿元） | 1594 | | 流通市值（亿元） | 1318 | | [Table_Chart] | | 20% 快手-W 恒生指数 0% -20% -40% 主要观点： ⚫ 事件 [Table_Summary] 公司发布 24Q2 财报，24Q2 快手实现营收 309.75 亿元（YoY +11.6%），好于彭博预期的 303.68 亿元（YoY +9.5%）；24Q2 公司经调 整归母净利润达 46.79 亿元 ...

证券研究报告 | 2024年08月22日 证券分析师：张伦可 证券分析师：陈淑媛 0755-81982651 021-60375431 zhanglunke@guosen.com.cnchenshuyuan@guosen.com.cn S0980521120004 S0980524030003 合理估值 70.00 - 93.00 港元 收盘价 44.40 港元 总市值/流通市值 193277/159838 百万港元 52 周最高价/最低价 69.60/38.40 港元 近 3 个月日均成交额 1237.35 百万港元 | --- | --- | |----------|----------------| | 基础数据 | | | 投资评级 | 优于大市(维持) | | 市场走势 | | | --- | --- | --- | --- | --- | --- | |-----------------------|---------|-------------|-------------|-------------|-------------| | 盈利预测和财务指标 | 2023 | 2024E | 2025 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% compared to the benchmark index [5][11]. Core Insights - The company's revenue and profit are steadily increasing, with a historical high in profit margins. In H1 2024, the company achieved a revenue of 603.83 billion, a year-on-year growth of 14.0%, and a gross margin of 55.1%, up 6.7 percentage points from the same period last year. The adjusted net profit was 90.67 billion, with a net margin of 15.0%, an increase of 9.8 percentage points year-on-year [2]. - Active user numbers are growing steadily, with the AI matrix enabling multiple business enhancements. In Q2 2024, the Daily Active Users (DAU) and Monthly Active Users (MAU) reached 395 million and 692 million, respectively, representing a year-on-year growth of 5.1% and 2.7%. The average daily usage time per DAU was 122 minutes, with total user usage time increasing by 9.5% year-on-year [3]. - Advertising revenue growth is in line with expectations, while e-commerce GMV has slowed down. In Q2 2024, online marketing revenue was 175 billion, a year-on-year increase of 22.1%. The e-commerce GMV for H1 2024 was 593.3 billion, up 21% year-on-year, with Q2 GMV reaching 305.3 billion, a 15% increase [4]. Summary by Sections Financial Performance - In H1 2024, the company reported a revenue of 603.83 billion, with a gross margin of 55.1% and an adjusted net profit of 90.67 billion, reflecting a net margin of 15.0% [2][5]. - The projected adjusted net profits for 2024-2026 are 176.49 billion, 224.52 billion, and 275.48 billion, respectively [5][9]. User Engagement - The DAU and MAU figures for Q2 2024 were 395 million and 692 million, with daily usage time averaging 122 minutes [3]. - The penetration rate of search users has improved, with nearly 500 million monthly active users utilizing the search function in Q2 2024 [3]. Business Segments - The online marketing business saw a revenue of 175 billion in Q2 2024, while the e-commerce GMV for H1 2024 was 593.3 billion [4]. - The live streaming revenue in Q2 2024 was 93 billion, showing a decline of 6.7% year-on-year, despite a 60% increase in the number of signed contract hosts [4].

Investment Rating - The report maintains a "Buy" rating for Kuaishou Technology (01024.HK) [4][11] Core Views - Kuaishou's Q2 2024 performance shows a slowdown in GMV growth, but strong growth in advertising revenue [2][6] - The company achieved a revenue of 30.975 billion yuan in Q2 2024, representing an 11.6% year-on-year increase [2][3] - Adjusted net profit reached 4.679 billion yuan, a significant year-on-year increase of 73.7% [3][6] Financial Performance Summary - Revenue growth is projected to be 16.16%, 20.48%, 12.73%, 11.61%, and 10.33% from 2024E to 2026E [1] - Gross profit for Q2 2024 was 17.135 billion yuan, with a gross margin of 55.32%, up 5.1 percentage points year-on-year [3][6] - The company expects to achieve an adjusted net profit of 17-18 billion yuan for the full year [6] E-commerce and Advertising Business - E-commerce GMV grew by 15% year-on-year to 305.3 billion yuan in Q2 2024, with active buyers increasing by 14.1% to 131 million [2] - Advertising revenue reached 17.5 billion yuan in Q2 2024, growing by 22.1% year-on-year, driven by improvements in external advertising products [2][6] - The company anticipates a recovery in GMV growth in Q3 2024, despite a downward adjustment for the full year to approximately 17% [2][6] Future Projections - Revenue forecasts for 2024-2026 are 127.916 billion yuan, 142.764 billion yuan, and 157.513 billion yuan respectively [6] - Expected net profits for the same period are 15.452 billion yuan, 19.082 billion yuan, and 22.968 billion yuan [6] - EPS is projected to be 3.55 yuan, 4.38 yuan, and 5.28 yuan for 2024E, 2025E, and 2026E respectively [6]

快手（1024） 更新报告 电商 GMV 增速放缓，盈利能力持续提升 买入 2024 年 8 月 22 日 李宜格 业绩超市场预期：2024Q2 公司营业收入 309 亿元（QOQ+5.3%，YoY+11.6%）； 毛利 171 亿元（QOQ+6.3%，YoY+23.0%），毛利率较去年同期提升 5.1%达到 55.3%；经调整净利润达到 46.8 亿元（QOQ+6.6%，YoY+73.7%），经调整净利率 15.1%，超出市场预期，创历史新高。用户流量端依旧稳健，24Q2 快手应用的 DAU 为 3.95 亿 （ QOQ+0.4% ， YoY+5.1% ） ， MAU 为 6.92 亿 （ QOQ-0.8% ， YoY+2.7%），日活跃用户日均使用时长达122分钟（QOQ-5.8%，YoY+4.3%），用 户总时长同比增长 9.5%。 852-25321962 4 vicky.li@firstshanghai.com.hk 罗凡环 852-25321962 simon.luo@firstshanghai.com.hk 李京霖 外循环广告增长显著：24Q2 公司线上营销业务收入为 175 亿元（QOQ+5. ...

浦银国际研究 公司研究 | 互联网行业 快手科技（1024.HK）：利润优于预期， 电商增速放缓 利润优于预期：公司 2Q24 收入人民币 309.75 亿元，同比增长 11.6%， 高于市场预期 2.0%；得益于收入结构优化，毛利率同比提升 5.1pp 至 55.3%；调整后净利润 46.79 亿元，高于市场预期 7.8%；调整后净利 润率同比提升 5.4pp 至 15.1%，创历史新高。国内收入 299 亿元，同 比增长 9.5%，经营利润 45 亿元，经营利润率提升至 15%；海外收入 11 亿元，同比增长 141%，经营亏损 2.8 亿元，亏损率收窄至 25.7%。 公司中期目标调整后净利率达到 20%。 流量稳定增长，外循环广告加速增长：2Q24 公司 DAU 3.95 亿，同比 增长 5.1%，MAU 达到 6.92 亿，同比增长 2.7%，日均使用时长 122 分 钟，总流量同比增长 9.5%。二季度，广告业务收入 175 亿元，同比 增长 22%。其中内循环广告稳健增长，外循环广告收入增长显著，主 要受传媒资讯、电商平台和本地生活等行业驱动。依靠外循环增长拉 动，我们预计公司三季度广告收入同比 ...