KUAISHOU(01024) 长城证券·2024-08-22 06:39Investment 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]