KUAISHOU(01024) 国信证券·2024-05-27 03:02Investment Rating - The investment rating for the company is "Buy" [5] Core Insights - The company's revenue for Q1 2024 reached 29.4 billion HKD, representing a year-on-year increase of 17%. The adjusted profit margin grew by 15 percentage points, with a gross margin of 54.8%, up 8.4 percentage points year-on-year. This improvement is attributed to optimized revenue sharing in live streaming and reduced bandwidth and server costs [1][7] - The company has announced a share buyback plan of 16 billion HKD over the next three years, which reflects confidence in its business outlook [2][12] - The adjusted net profit for Q1 2024 was 4.39 billion HKD, with an adjusted profit margin of 14.9%, marking a 15% increase year-on-year and a 2% increase quarter-on-quarter [1][7] Revenue and Profitability - The company's total revenue is projected to grow from 113.47 billion HKD in 2023 to 162.79 billion HKD by 2027, with a compound annual growth rate (CAGR) of approximately 5% [3][14] - Adjusted net profit is expected to rise from 10.27 billion HKD in 2023 to 30.99 billion HKD in 2027, indicating a significant recovery and growth trajectory [3][14] - The company’s EBIT margin is forecasted to improve from 2% in 2023 to 16.1% by 2026, reflecting enhanced operational efficiency [3][14] User Engagement and Traffic - The total monthly active users (MAU) reached 702 million, with a year-on-year growth of 7%. Daily active users (DAU) stood at 391 million, up 4% year-on-year [9][10] - The average daily usage time per user was 129.5 minutes, which is a 2% increase compared to the previous year [9] Business Segments - E-commerce revenue for Q1 2024 was 4.2 billion HKD, showing a year-on-year increase of 48%. The gross merchandise volume (GMV) reached 288.1 billion HKD, up 28% year-on-year [10][11] - Advertising revenue increased by 27% year-on-year to 16.7 billion HKD, with significant growth in internal advertising consumption [11] - Live streaming revenue, however, saw a decline of 8% year-on-year, with expectations of a further decrease in the upcoming quarters due to base effect considerations [11]