KUAISHOU(01024) 东吴证券·2024-11-21 14:01Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company's performance in Q3 2024 met expectations, with total revenue of 31.13 billion RMB, a year-on-year increase of 11.4%, and adjusted net profit of 3.948 billion RMB, up 24.4% year-on-year [1][2] - Daily Active Users (DAU) surpassed 400 million, with DAU and Monthly Active Users (MAU) reaching 408 million and 714 million respectively, reflecting year-on-year growth of 5.4% and 4.3% [2] - The company continues to enhance its AI capabilities, integrating large models for content generation and understanding, which is expected to drive traffic growth and improve monetization efficiency [4] Financial Performance Summary - Total revenue projections for 2024-2026 are adjusted to 127.77 billion RMB, 142.80 billion RMB, and 156.11 billion RMB respectively, with corresponding P/E ratios of 10x, 8x, and 7x [4] - The adjusted net profit forecast for 2024-2026 is revised to 17.6 billion RMB, 22 billion RMB, and 26.2 billion RMB respectively, indicating significant growth potential [4] - The company reported a gross margin of 50.58% in 2023, expected to rise to 57.05% by 2026, showcasing improving profitability [14] User Engagement and Advertising Performance - The company achieved a DAU/MAU ratio of 57.1%, indicating strong user engagement, with average daily usage time of 132 minutes, a 2% increase year-on-year [2] - Advertising revenue from external circulation remains robust, with online marketing service revenue growing by 20% to 17.6 billion RMB, driven by sectors such as media, e-commerce, and local services [3] - E-commerce GMV grew by 15% to 334.2 billion RMB, supported by a favorable consumption environment and competitive strategies from other platforms [3]