KUAISHOU(01024) Guotai Junan Securities·2025-03-29 12:21Investment Rating - The report maintains a "Buy" rating for Kuaishou, with a target price of HKD 66.16 based on a 12x PE for FY2025 [7]. Core Insights - Kuaishou's performance remains resilient, driven by AI-enabled content and business ecosystem, with continuous user growth and robust online marketing services [3][6]. - The company achieved a revenue of CNY 353.8 billion in Q4 FY2024, representing a year-on-year growth of 8.7%, with a gross margin of 54.0% [7][12]. - Daily Active Users (DAU) and Monthly Active Users (MAU) reached 401 million and 736 million respectively, with DAU and MAU growth of 4.8% and 5.0% year-on-year [7][16]. Financial Summary - Revenue for FY2024 is projected at CNY 126.9 billion, with a year-on-year growth of 12%. Adjusted net profit is expected to be CNY 17.7 billion, reflecting a 72% increase [6][7]. - The adjusted net profit margin for Q4 FY2024 was 13.3%, with a quarter-on-quarter increase of 0.6 percentage points [7][12]. - E-commerce GMV reached CNY 462.1 billion in Q4, showing a year-on-year growth of 14.4%, with short video e-commerce GMV growth exceeding 50% [7][23]. Business Performance - Online marketing services revenue grew by 13.3% year-on-year to CNY 206.2 billion, driven by a significant increase in eCPM [7][22]. - The e-commerce monthly active buyer count increased by 10% year-on-year to 14.3 million, with a 25% year-on-year increase in the number of active merchants [7][23]. - The live streaming business revenue decreased by 2.0% year-on-year to CNY 98.5 billion, but the decline rate has narrowed compared to previous quarters [7][22].