KUAISHOU(01024) 开源证券·2024-08-21 08:39Investment Rating - The investment rating for the company is "Buy" (maintained) [2][4] Core Insights - The company reported a strong growth in online marketing service revenue, with a significant increase in profitability [4][5] - The adjusted net profit reached a new high, driven by rapid growth in online marketing services and improved monetization efficiency [4][5] - The company maintains its profit forecasts for 2024-2026, expecting net profits of 156.23 billion, 195.72 billion, and 233.61 billion respectively, with corresponding EPS of 3.6, 4.5, and 5.4 [4][5] Financial Performance Summary - In Q2 2024, the company achieved operating revenue of 30.975 billion (up 11.6% YoY, up 5.3% QoQ) and an adjusted net profit of 4.679 billion (up 73.7% YoY, up 6.6% QoQ) [4][5] - The gross margin was 55.32% (up 5.1 percentage points YoY, up 0.5 percentage points QoQ) [4] - Online marketing service revenue was 17.5 billion (up 22.1% YoY), accounting for 56.5% of total revenue [5] - The company reported a significant increase in e-commerce GMV to 305.3 billion (up 14.99% YoY) [5] User Engagement and Growth - The average daily active users (DAU) reached 395 million (up 5.13% YoY), while the average monthly active users (MAU) were 692 million (up 2.75% YoY) [6] - The company has enhanced user monetization efficiency, with daily average online marketing service revenue per user at 44.3 [6] - AI investments are yielding results, improving content creation quality and commercialization efficiency [6]