KUAISHOU(01024) 国信证券·2024-11-22 08:59Investment Rating - The report maintains an "Outperform" rating for Kuaishou-W (01024 HK) [6][29] Core Views - Kuaishou's DAU exceeded 400 million with steady growth in e-commerce GMV [2] - Revenue increased by 11% YoY with adjusted net profit margin up by 1 percentage point [2] - Total traffic increased by 7% YoY in Q3 2024, with DAU surpassing 400 million [15] Financial Performance - Q3 2024 revenue reached 31 1 billion yuan, up 11% YoY [2] - Gross margin improved to 54 3%, up 2 6 percentage points YoY [2] - Adjusted net profit for Q3 2024 was 3 95 billion yuan, with an adjusted net profit margin of 12 7% [2] - Domestic revenue grew by 9% YoY to 29 8 billion yuan, while overseas revenue was 1 33 billion yuan with an operating loss of 150 million yuan [2] User Metrics - MAU reached 714 million in Q3 2024, up 4% YoY [15] - DAU reached 408 million in Q3 2024, up 5% YoY [15] - Average daily time spent per user increased to 132 minutes, up 2% YoY [15] Commercialization - E-commerce GMV grew by 15% YoY to 334 2 billion yuan in Q3 2024 [22] - Advertising revenue increased by 20% YoY to 17 6 billion yuan, with out-loop advertising growing by 30% YoY [26] - Live streaming revenue declined by 4% YoY to 9 34 billion yuan [26] Future Projections - Revenue is expected to grow by 10 8% in 2024E, reaching 125 7 billion yuan [5] - Adjusted net profit is projected to be 17 7 billion yuan in 2024E, up 72 6% YoY [5] - E-commerce GMV is expected to grow by 14% in Q4 2024 [22] Valuation - The fair value range is estimated at 70 00 - 93 00 HKD [6] - The current share price is 52 55 HKD, with a market cap of 226 7 billion HKD [6]