快手-W：快手2024投资者日亮点小结

Investment Rating - The report does not explicitly state an investment rating for Kuaishou Technology Core Insights - Kuaishou Technology's 2024 Investor Day highlighted the company's focus on technology innovation and user demand as the foundation for its growth strategy [2][3] - The company aims to enhance its e-commerce capabilities by improving the visibility of products through video and live streaming, addressing the challenges posed by cautious consumer spending and merchant profitability [5][6] - Kuaishou's international business is seeing steady growth, particularly in Brazil, with a focus on leveraging advanced advertising efficiency and local market opportunities [12] - The local life segment emphasizes user, merchant, and platform value, targeting lower-tier cities for growth [13][14] - Financial highlights include achieving a GMV of 1 trillion, revenue of 100 billion, and an adjusted net profit of 10 billion, with a strong focus on shareholder returns through share buybacks [16] Summary by Sections Company Strategy and Core Business Development - Kuaishou emphasizes a user-oriented content and product ecosystem, with AI enhancements improving user value recognition [3][4] - The platform's user engagement remains strong, with 77% of users interacting with creators and a 7% year-on-year growth in private domain markets [3] E-commerce - The e-commerce strategy focuses on good products and good content, with a current user penetration rate of 19% indicating room for growth [5][6] - Live streaming and short video capabilities are being enhanced to drive consumer purchases, with significant growth in GMV from short videos [8] International Business - The international strategy is centered on Brazil, with a dedicated team and a focus on e-commerce and financial services [12] Local Life - The local life business has evolved through two phases, focusing on user and merchant value, particularly in lower-tier cities [13][14] Financial Highlights - Kuaishou reported a GMV of 1 trillion, revenue of 100 billion, and an adjusted net profit of 10 billion, with a strong cash flow and significant share buyback plans [16]