快手-W：电商形态多元，广告强劲增长

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]