KUAISHOU(01024) 开源证券·2024-03-21 16:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3][11] Core Views - The company's revenue for 2023 reached 113.47 billion yuan, representing a year-on-year increase of 20.5%, driven primarily by a 23.0% growth in online marketing services revenue [3][5] - The gross margin improved to 50.6%, up 5.9 percentage points year-on-year, and the adjusted net profit turned positive at 10.271 billion yuan [3][5] - The company achieved significant revenue growth in Q4 2023, with a total of 32.561 billion yuan, a year-on-year increase of 15.1% and a quarter-on-quarter increase of 16.5% [3][5] - The short drama segment has shown strong commercial potential, with a significant increase in both supply and quality, leading to a more than sixfold increase in advertising revenue for short dramas in Q4 2023 [4][5] Financial Summary - The company forecasts net profits of 7.497 billion yuan, 8.615 billion yuan, and 9.372 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 1.7, 2.0, and 2.2 yuan [3][5] - The current price-to-earnings (P/E) ratios are projected to be 26.2, 22.8, and 20.9 for the years 2024, 2025, and 2026 respectively [3][5] - The gross margin is expected to remain strong, with projections of 50.5%, 52.3%, and 53.9% for the years 2024, 2025, and 2026 respectively [5][7] Business Development - The company is focusing on enhancing its short drama strategy, aiming to create more high-quality content and strengthen the monetization process [4][5] - The daily active users (DAU) for short dramas reached 270 million in 2023, with a 52.6% year-on-year increase in heavy users watching more than 10 episodes daily [4][5]