KUAISHOU(01024) 天风证券·2024-09-05 05:43Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 68, indicating an expected return of over 20% within the next six months [6][11]. Core Insights - The company reported a revenue of CNY 30.98 billion for Q2 2024, representing a year-on-year growth of 11.6%, exceeding Bloomberg consensus expectations [1]. - The adjusted net profit for Q2 2024 was approximately CNY 4.68 billion, also surpassing expectations, with a notable improvement in profit margins due to a better revenue structure and reduced bandwidth and server costs [1]. - User traffic showed steady growth, with daily active users (DAU) reaching 395 million, a 5.1% increase year-on-year, and average daily usage time per user increasing to 122 minutes, up 4% [2]. - Online marketing revenue grew by 22.1% year-on-year to CNY 17.5 billion, driven by significant growth in external advertising [3]. - The company's e-commerce GMV reached CNY 305.25 billion, growing 15% year-on-year, although the growth rate has slowed due to macroeconomic factors and increased competition [4]. Summary by Sections Financial Performance - For Q2 2024, the company achieved a revenue of CNY 30.98 billion, with a year-on-year growth of 11.6% and an adjusted net profit of CNY 4.68 billion, exceeding market expectations [1]. - The gross margin improved due to a favorable revenue mix and lower costs associated with bandwidth and servers [1]. User Engagement - The average daily active users reached 395 million, with a monthly active user count of 692 million, reflecting a year-on-year increase of 5.1% and 2.7% respectively [2]. - Total user engagement time increased by 9.5% year-on-year, indicating robust user retention and engagement [2]. Marketing and E-commerce - Online marketing revenue surged by 22.1% year-on-year to CNY 17.5 billion, primarily due to strong growth in external advertising [3]. - E-commerce GMV was CNY 305.25 billion, with a 15% year-on-year growth, although the growth rate has moderated due to external competitive pressures [4]. Live Streaming and Overseas Business - Live streaming revenue decreased by 6.7% year-on-year to CNY 9.3 billion, but the number of signed agencies and streamers increased significantly [4]. - Overseas business revenue reached CNY 1.1 billion, marking a 141.4% year-on-year increase, with a focus on ROI-driven growth in key markets [4].