KUAISHOU(01024) 国元证券·2024-08-22 08:09Investment 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].