KUAISHOU(01024) 开源证券·2024-11-23 15:11Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company has shown significant improvement in gross margin, with a year-on-year increase of 2.6 percentage points, reaching 54.3% in Q3 2024. Revenue for Q3 2024 was 31.13 billion, reflecting an 11.4% year-on-year growth. Adjusted net profit increased by 24.4% year-on-year to 3.95 billion [4] - The company is expected to maintain its profitability growth, with projected net profits of 15.623 billion, 19.572 billion, and 23.361 billion for 2024, 2025, and 2026 respectively, corresponding to EPS of 3.6, 4.5, and 5.4 [4] Summary by Sections Financial Performance - Q3 2024 revenue was 311.3 billion (up 11.4% YoY), with adjusted net profit at 39.5 billion (up 24.4% YoY) and adjusted EBITDA at 55.8 billion (up 12% YoY). For the first three quarters of 2024, total revenue reached 915.1 billion (up 13.1% YoY) [4] - The company’s revenue structure shows online marketing service revenue at 176 billion (up 20% YoY), driven by the successful implementation of the IAA model, leading to a more than 300% increase in short video marketing consumption [7] User Growth and Engagement - The platform's Daily Active Users (DAU) reached 408 million (up 5.4% YoY), while Monthly Active Users (MAU) were 714 million (up 4.3% YoY). The average daily online marketing revenue per user was 43.3 (up 13.9% YoY) [8] Market Expansion and AI Development - The company is expanding internationally, with the launch of the Kwai Shop e-commerce platform in Brazil, covering all 27 states. The AI capabilities are also being enhanced with the release of the 可灵AI 1.5 version, which supports content creation [8]