KUAISHOU(01024) 东方证券·2024-11-25 10:05Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 61.62 per share, based on a 14x PE valuation for 2024 [1][6][10]. Core Insights - The company's performance in Q3 2024 met expectations, with a focus on the release of synergistic effects in e-commerce across multiple domains [1][9]. - Daily Active Users (DAU) reached 408 million, showing a year-on-year increase of 5.4%, while Monthly Active Users (MAU) grew by 4.3% to 714 million [1][9]. - Advertising revenue increased by 20.0% year-on-year to CNY 176 billion, accounting for 56.6% of total revenue [1][9]. - E-commerce Gross Merchandise Volume (GMV) rose by 15.1% year-on-year to CNY 334.2 billion, with a monthly paid user count of 133 million [1][9]. Summary by Sections User Growth - DAU reached 408 million, MAU at 714 million, and average daily usage time increased by 1.8% to 132 minutes [1][9]. - The company expects DAU to maintain slight growth in Q4 2024, around 400 million [1][9]. Advertising Performance - Q3 2024 advertising revenue was CNY 176 billion, with a year-on-year growth of 20.0% [1][9]. - The internal advertising cycle showed stable growth, while external advertising growth was significant, particularly in media and local life sectors [1][9]. E-commerce Insights - E-commerce GMV grew by 15.1% year-on-year to CNY 334.2 billion, with a monthly paid user count of 133 million [1][9]. - The company anticipates a 14% year-on-year growth in GMV for Q4 2024, driven by e-commerce commissions [1][9]. Financial Performance - Adjusted net profit for Q3 2024 reached CNY 39.5 billion, with a gross margin of 54.3% [1][9]. - The report projects adjusted net profits of CNY 175.51 billion for 2024, with a slight upward revision due to better-than-expected cost control [6][10].