首次实现全年盈利，电商延续强劲势头

Investment Rating - The report maintains a "Buy" rating for Kuaishou Technology with a target price adjusted to HKD 66, indicating a potential upside of 26% from the current price of HKD 52.25 [3][4]. Core Insights - Kuaishou achieved its first annual profit in FY23, with a revenue of RMB 113.5 billion, a year-on-year increase of 20.5%. The gross margin improved by 7.6 percentage points to 53.1%, driven by changes in revenue structure and reduced bandwidth costs. The adjusted net profit reached RMB 10.3 billion, exceeding market expectations by 12.5% [2][3]. - Monthly active users (MAU) surpassed 700 million, with daily active users (DAU) at 383 million, reflecting a year-on-year growth of 9.4%. Advertising revenue grew by 21% to RMB 18.2 billion, primarily fueled by strong growth in e-commerce internal circulation advertising [2][3]. - The e-commerce ecosystem continues to strengthen, with a projected 25% growth in GMV for 2024. In Q4 2023, e-commerce revenue reached RMB 4.039 billion, a 29% year-on-year increase, significantly outperforming the industry average [2][3]. Summary by Sections Financial Performance - FY23 revenue was RMB 113.5 billion, with an operating profit of RMB 6.431 billion and an adjusted net profit of RMB 10.271 billion. The forecast for FY24 revenue is RMB 127.143 billion, with an expected adjusted net profit of RMB 15.942 billion [4][6]. User Metrics - DAU reached 383 million, a 4.5% increase year-on-year, while MAU hit 700 million, up 9.4%. However, total user time decreased by 2.9% due to a decline in user engagement [2][3]. Advertising and E-commerce Growth - Advertising revenue for Q4 2023 was RMB 18.2 billion, a 21% increase, driven by strong performance in e-commerce advertising. The e-commerce GMV for Q4 2023 was RMB 403.9 billion, reflecting a 29% year-on-year growth [2][3].