KUAISHOU(01024) 开源证券·2025-03-27 01:41Investment Rating - The investment rating for the company is "Buy" (maintained) [5][12] Core Insights - The company achieved a steady revenue growth in 2024, with a total revenue of 126.9 billion yuan, representing a year-on-year increase of 11.8%. The adjusted net profit for the same year was 17.7 billion yuan, showing a significant year-on-year increase of 72.5% [5][6] - The company's gross margin improved to 54.0% in Q4 2024, reflecting a year-on-year increase of 0.9 percentage points. The adjusted net profit margin reached 14.0% [5][6] - The company is expected to continue its growth trajectory, with projected net profits for 2025, 2026, and 2027 estimated at 18.82 billion, 22.69 billion, and 25.45 billion yuan respectively [5][8] Financial Performance Summary - In Q4 2024, the company's operating revenue was 35.4 billion yuan, with a year-on-year growth of 8.7%. The adjusted net profit for the quarter was 4.7 billion yuan, up 7.8% year-on-year [5][6] - The average daily active users (DAU) reached 401 million in Q4 2024, marking a year-on-year increase of 4.8%. Monthly active users (MAU) were 736 million, up 5.0% year-on-year [6][7] - The company's revenue from online marketing services in Q4 2024 was 20.6 billion yuan, reflecting a year-on-year increase of 13.3% [6][7] AI and International Expansion - The commercialization of the company's AI product, 可灵 AI, is accelerating, with significant contributions to advertising revenue and a reduction in marketing material production costs by 60-70% [7] - The company's international revenue in Q4 2024 was 1.295 billion yuan, showing a year-on-year increase of 52.9%, with operating losses narrowing by 57.2% [7]