KUAISHOU(01024) 申万宏源·2024-11-26 14:25Investment Rating - The report maintains a "Buy" rating for Kuaishou Technology (快手) [4][8] Core Views - Kuaishou's Q3 2024 revenue reached 31.131 billion RMB, a year-on-year increase of 11.4%, driven by a 20% growth in core business revenue [4][5] - The company is experiencing steady user growth, with Daily Active Users (DAU) and Monthly Active Users (MAU) reaching 408 million and 714 million respectively, reflecting year-on-year growth of 5.4% and 4.3% [5] - Kuaishou's e-commerce Gross Merchandise Volume (GMV) for Q3 2024 was 334.2 billion RMB, up 15% year-on-year, with a significant increase in active merchants [6][7] Summary by Sections Market Data - Closing price as of November 25, 2024, was HKD 46.35, with a market capitalization of HKD 1,999.35 billion [2] Financial Performance - Q3 2024 adjusted net profit was 3.948 billion RMB, a 24.4% increase year-on-year, with a profit margin of 12.7% [4] - Revenue projections for 2024-2026 have been adjusted upwards to 127.3 billion, 145.3 billion, and 160.9 billion RMB respectively [8][9] User Engagement - User engagement metrics show an average daily usage time of 132.2 minutes, with total usage time increasing by 7.3% year-on-year [5] Commercialization Progress - Online marketing revenue for Q3 2024 was 17.6 billion RMB, a 20% increase year-on-year, with significant growth in various sectors [6] - The company has launched AI applications that have rapidly gained traction, with over 5 million users and significant content generation [7] Future Outlook - The report anticipates continued user growth and commercialization in Q4 2024, with expectations of narrowing overseas losses [7][8]