KUAISHOU(01024) 东兴证券·2024-06-03 03:01Investment Rating - The report maintains a "Strong Buy" rating for Kuaishou-W (01024.HK) [1] Core Insights - Kuaishou achieved a revenue of 29.408 billion yuan in Q1 2024, representing a year-on-year growth of 16.6%, with a net profit of 4.12 billion yuan, a significant turnaround from a loss of 0.876 billion yuan in the same period last year [1] - The company's online marketing services revenue reached 16.650 billion yuan, up 27.4% year-on-year, driven by enhanced smart marketing solutions and increased customer engagement [1] - E-commerce revenue surged by 47.6% year-on-year to 4.183 billion yuan, attributed to refined operational strategies and an increase in active paying users and merchants [1] - The average daily active users reached a record high of 394 million, with a daily usage time of 129.5 minutes, indicating strong user engagement [1] - The e-commerce gross merchandise volume (GMV) grew by 28.2% year-on-year to 288.1 billion yuan, supported by improved consumer experience and an increase in active merchants [1] Financial Summary - For Q1 2024, Kuaishou's total sales cost was 13.288 billion yuan, with a gross margin of 54.8%, an increase of 8.4 percentage points year-on-year [1] - Operating profit for Q1 2024 was 3.994 billion yuan, with domestic operations contributing 3.991 billion yuan in profit, a significant increase from 0.963 billion yuan in Q1 2023 [1] - The report forecasts net profits for 2024, 2025, and 2026 to be 15.179 billion yuan, 19.952 billion yuan, and 25.576 billion yuan respectively, indicating strong growth potential [4][5]