KUAISHOU(01024) 东吴证券·2025-05-30 10:58Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company's Q1 2025 performance met expectations, with significant progress in AI commercialization [1][9] - The advertising revenue from short videos and new content consumption continues to contribute positively, with e-commerce GMV showing steady growth [3][9] - The company expects a return to double-digit growth in online marketing services revenue starting Q2 2025 [3] Financial Performance Summary - Total revenue for 2023 is projected at 113.525 billion RMB, with a year-on-year growth of 20.51% [1] - Net profit attributable to shareholders is expected to reach 6.396 billion RMB in 2023, reflecting a substantial year-on-year increase of 146.72% [1] - Non-IFRS net profit is forecasted at 10.271 billion RMB for 2023, with a year-on-year growth of 72.49% [1] - The company anticipates continued growth in e-commerce, with GMV expected to reach 3,323 billion RMB, a year-on-year increase of 15.4% [3] User Engagement Metrics - Daily Active Users (DAU) reached 408 million, while Monthly Active Users (MAU) stood at 712 million, showing year-on-year growth of 3.6% and 2.1% respectively [9] - The DAU/MAU ratio is stable at 57.3%, indicating strong user engagement [9] AI Business Development - The company's AI revenue exceeded expectations, with Q1 revenue reaching 150 million RMB, driven primarily by paid memberships [9] - The AI business is rapidly advancing, providing services to over 10,000 enterprise clients [9] Earnings Forecast - The adjusted net profit forecast for 2025 is 17.335 billion RMB, corresponding to a PE ratio of 12.34x [1][10] - The report projects continued growth in adjusted net profit for 2026 and 2027, with estimates of 22.202 billion RMB and 27.276 billion RMB respectively [1][10]