KUAISHOU(01024) 长江证券·2024-11-25 08:11Investment Rating - The report maintains a "Buy" rating for Kuaishou Technology [10] Core Insights - Kuaishou's Q3 2024 revenue reached 31.131 billion CNY, a year-on-year increase of 11.4%, with Non-GAAP net profit at 3.948 billion CNY, up 24.4% [6][8] - The company's online marketing service revenue grew by 20.0% year-on-year, contributing 56.6% to total revenue, driven by AI optimization in advertising [6][7] - Daily active users (DAU) surpassed 400 million for the first time, with a year-on-year growth of 5.4% [7] Summary by Sections Revenue Performance - Kuaishou's Q3 2024 online marketing service revenue was 17.634 billion CNY, up 20.0% year-on-year, while live streaming revenue was 9.338 billion CNY, down 3.9% [6][7] - Other services, including e-commerce, generated 4.159 billion CNY, a 17.5% increase year-on-year, with GMV reaching 334.2 billion CNY, up 15.1% [6][7] User Metrics - Average daily active users reached 408 million, with average monthly active users at 714 million, reflecting a year-on-year increase of 4.3% [7] - In overseas markets, DAU in Brazil grew by 9.7% year-on-year [7] Profitability - Kuaishou's gross margin improved to 54.3%, with an adjusted net profit margin of 12.7% [7] - R&D expenses increased by 4.5% to 3.1 billion CNY, while sales and marketing expenses rose by 15.9% to 10.4 billion CNY [7] Future Outlook - Revenue projections for 2024 and 2025 are estimated at 127.1 billion CNY and 139.7 billion CNY, respectively, with Non-GAAP net profits of 17.7 billion CNY and 21.7 billion CNY [8]