KUAISHOU(01024) 国金证券·2024-11-21 03:37Investment Rating - The report maintains a "Buy" rating for Kuaishou-W (01024.HK) [2] Core Insights - Kuaishou achieved a record high in Daily Active Users (DAU) at 408 million, with a year-on-year growth of 5.4%. The company's revenue for Q3 2024 reached 31.1 billion yuan, reflecting an 11.4% increase year-on-year, while Non-IFRS net profit was 3.95 billion yuan, up 24.4% year-on-year [3] - The report highlights strong growth in external advertising, which has become a key driver for revenue, with online marketing revenue increasing by 20% year-on-year to 17.6 billion yuan in Q3 2024 [3] - The e-commerce segment also showed robust growth, with Gross Merchandise Volume (GMV) reaching 334.2 billion yuan, a 15% increase year-on-year, and active buyers growing by 12.2% [3] Financial Performance Summary - For 2024, the projected Non-IFRS net profits are 17.7 billion yuan, 22.6 billion yuan for 2025, and 30.2 billion yuan for 2026, with corresponding Non-IFRS PE ratios of 11.86, 9.28, and 6.94 respectively [3][6] - The company's revenue is expected to grow from 127.2 billion yuan in 2024 to 151.97 billion yuan by 2026, with a revenue growth rate of 12.1% in 2024 and gradually declining to 9.3% by 2026 [6][9] - The report indicates a significant improvement in profitability, with the return on equity (ROE) projected to rise from 21.53% in 2024 to 24% in 2026 [6]