KUAISHOU(01024) 天风证券·2024-05-30 01:02Investment Rating - The investment rating for the company is "Buy" with a target price of 68 HKD, maintaining the rating [7]. Core Insights - The company's Q1 2024 performance exceeded expectations, with a revenue of 29.41 billion HKD, representing a year-on-year growth of 16.6%. The adjusted net profit was approximately 4.39 billion HKD, significantly surpassing Bloomberg consensus estimates, indicating a trend towards profit release [1]. - The company has shown strong growth in its core business, with a notable improvement in cost efficiency, leading to a significant reduction in sales expense ratio by 2.7 percentage points to 31.9% [1]. - User engagement metrics are positive, with daily active users (DAU) reaching 390 million, a year-on-year increase of 5.2%, and average daily usage time per user at 129.5 minutes, up 2.1% year-on-year [2]. Revenue Breakdown - Online marketing revenue for Q1 2024 was 16.65 billion HKD, reflecting a year-on-year increase of 27.4%, driven by strong growth in both internal and external advertising [3]. - Other service revenues, including e-commerce, grew by 47.6% to 4.18 billion HKD, with e-commerce GMV reaching 288.07 billion HKD, a 28.2% increase year-on-year [4]. - Live streaming revenue was 8.58 billion HKD, showing a decline of 8% year-on-year, but the number of signed agencies and streamers increased by 50% [5]. International Business - The company's overseas business generated revenue of 0.991 billion HKD, marking a year-on-year growth of 193.2%, with a significant increase in marketing revenue [6].