快手-W：业绩实现高质量增长，AI赋能提质增效

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].