浦银国际研究 公司研究 | 互联网行业 快手科技（1024.HK）：利润优于预期， 电商增速放缓 利润优于预期：公司 2Q24 收入人民币 309.75 亿元，同比增长 11.6%， 高于市场预期 2.0%；得益于收入结构优化，毛利率同比提升 5.1pp 至 55.3%；调整后净利润 46.79 亿元，高于市场预期 7.8%；调整后净利 润率同比提升 5.4pp 至 15.1%，创历史新高。国内收入 299 亿元，同 比增长 9.5%，经营利润 45 亿元，经营利润率提升至 15%；海外收入 11 亿元，同比增长 141%，经营亏损 2.8 亿元，亏损率收窄至 25.7%。 公司中期目标调整后净利率达到 20%。 流量稳定增长，外循环广告加速增长：2Q24 公司 DAU 3.95 亿，同比 增长 5.1%，MAU 达到 6.92 亿，同比增长 2.7%，日均使用时长 122 分 钟，总流量同比增长 9.5%。二季度，广告业务收入 175 亿元，同比 增长 22%。其中内循环广告稳健增长，外循环广告收入增长显著，主 要受传媒资讯、电商平台和本地生活等行业驱动。依靠外循环增长拉 动，我们预计公司三季度广告收入同比 ...

证券研究报告·海外公司点评·软件服务(HS) 快手-W（01024.HK） 2024 年二季报点评：电商增速放缓，利润释 放稳健 2024 年 08 月 21 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|---------|--------|--------|--------|--------| | [Table_EPS] 盈利预测与估值 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 94203 | 113525 | 126896 | 141977 | 158440 | | 同比 (%) | 16.13 | 20.51 | 11.78 | 11.88 | 11.60 | | 归母净利润（百万元） | (13691) | 6396 | 15027 | 21336 | 28401 | | 同比 (%) | - | - | 134.95 | 41.98 | 33.12 | | Non-GAAP 净利润 | (5751) | 10271 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][4] Core Insights - The company reported a strong growth in online marketing service revenue, with a significant increase in profitability [4][5] - The adjusted net profit reached a new high, driven by rapid growth in online marketing services and improved monetization efficiency [4][5] - The company maintains its profit forecasts for 2024-2026, expecting net profits of 156.23 billion, 195.72 billion, and 233.61 billion respectively, with corresponding EPS of 3.6, 4.5, and 5.4 [4][5] Financial Performance Summary - In Q2 2024, the company achieved operating revenue of 30.975 billion (up 11.6% YoY, up 5.3% QoQ) and an adjusted net profit of 4.679 billion (up 73.7% YoY, up 6.6% QoQ) [4][5] - The gross margin was 55.32% (up 5.1 percentage points YoY, up 0.5 percentage points QoQ) [4] - Online marketing service revenue was 17.5 billion (up 22.1% YoY), accounting for 56.5% of total revenue [5] - The company reported a significant increase in e-commerce GMV to 305.3 billion (up 14.99% YoY) [5] User Engagement and Growth - The average daily active users (DAU) reached 395 million (up 5.13% YoY), while the average monthly active users (MAU) were 692 million (up 2.75% YoY) [6] - The company has enhanced user monetization efficiency, with daily average online marketing service revenue per user at 44.3 [6] - AI investments are yielding results, improving content creation quality and commercialization efficiency [6]

在会议开始之前我们想提醒您今天的会议内容可能包含前瞻性陈述其中涉及诸多风险和不确定性实际结论和结果可能与今天讨论的结论和结果有所不同除法律要求外本公司不承担任何更新此前瞻性信息的义务 有关本会议的所有重要资料包括前瞻性陈述请以公司公开资料或今日早些时候在公司IR网站发布的截至2024年6月30日的2024年第二季度业绩公告为准今天的电话会议中管理层还将讨论某些非国际会议准则的财务指标仅供考虑作为补充但不能替代根据国际会议准则编制的公司财务业绩指标 有关非国际会计财务准则指标的定义及其与国际会计准则财务业绩的对照以及相关风险因素提示请参阅公司2024年第二季度业绩公告今天的电话会议中管理层将用中文作为主要的沟通语言第一部分管理层发言环节第三方传译员将提供英文同声传译第二部分问答环节第三方传译员将提供英文交替传译 翻译仅为提高会议效率若翻译与中文内容有所出入请以管理层的中文原始陈述为准最后除非另有说明所有在电话会议中提到的货币单位均为人民币下面让我们有请音效发言各位好欢迎大家参加快手2024年第二季度业绩沟通会2024年第二季度我们的总营业收入同比增长11.6%至 314亿人民币其中线上营销服务收入和包括电商在内 ...

2024 年 08 月 20 日 快手-W（01024.HK） 买入（维持评级） 港股公司点评 证券研究报告 AI 驱动公司提质增效，盈利能力增强 业绩简评 2024 年 8 月 20 日，公司披露 2024 年二季度业绩公告，2024Q2 实 现收入 310 亿元，同比增长 11.6%， Non-IFRS 净利润 46.8 亿元， 同比增长 73.7%。 经营分析 坚持推进提质增效策略，利润率创新高。2024Q2 公司毛利率达到 55.32%，同比+5.1pct，环比+0.5pct。费用端：销售费用 100.4 亿 元，销售费用率 32.4%，同比+1.29pct，环比+0.5pct；研发费用 28 亿元，研发费用率 9.1%，同比-2.32pct，环比-0.61pct；管理 费用 7.9 亿元，管理费用率 2.6%，同比-0.85pct，环比+0.99pct。 公司在构建的万亿参数大模型的基础上构建 AI 产品矩阵，上半年 已有近 2 万名商家借助 AI 矩阵实现优化经营。 DAU 高质量增长，用户运营效率提升。2024Q2，快手 DAU 达到 3.95 亿，同比增长 5.1%，MAU 达到 6.92 亿 ...

Kuaishou Technology (OTCPK:KUASF) Q2 2024 Earnings Conference Call August 20, 2024 7:00 AM ET Company Participants Matthew Zhao - Vice President, Capital Markets & Investor Relations Cheng Yixiao - Co-Founder, Chairman & Chief Executive Officer Jin Bing - Chief Financial Officer Conference Call Participants Lincoln Kong - Goldman Sachs Thomas Chong - Jefferies Felix Liu - UBS Brian Gong - Citi Xueqing Zhang - CICC Operator Good day, ladies and gentlemen. Thank you for standing by. Welcome to the Kuaishou Te ...

Ladies and gentlemen, hello everyone. Welcome to the second quarter of the 2024 Kuaishou Technology mid-term phone conference. Please note that this phone conference provides the English voice translation of the management and speech part. You need to enter the English channel to listen to the local translator's voice translation. Please note that today's conference is being recorded. Now, let's welcome the Vice President of Capital Market and Investment Relations, Mr. Matthew Zhao. Thank you, Operator. Hel ...

Financial Performance - Revenue for Q2 2024 reached RMB 30,975 million, a YoY increase of 11.6%[2] - Gross profit for Q2 2024 was RMB 17,135 million, with a gross margin of 55.3%, up from 50.2% in Q2 2023[2] - Operating profit for Q2 2024 surged to RMB 3,906 million, a YoY increase of 201.4%[2] - Adjusted net profit for Q2 2024 was RMB 4,679 million, up 73.7% YoY[2] - Revenue for H1 2024 totaled RMB 60,383 million, a YoY increase of 14.0%[3] - Operating profit for H1 2024 was RMB 7,900 million, a significant YoY increase of 1,221.1%[3] - Adjusted EBITDA for H1 2024 was RMB 12,323 million, up 95.2% YoY[3] - Total revenue in Q2 2024 increased by 11.6% YoY to RMB 31 billion, with a gross margin exceeding 55% and adjusted net profit reaching RMB 4.7 billion, representing an adjusted net profit margin of 15.1%[8] - Revenue for the first half of 2024 was RMB 60.4 billion, up from RMB 53.0 billion in the same period of 2023[57] - Gross profit for the first half of 2024 increased to RMB 33.3 billion from RMB 25.6 billion in the first half of 2023[57] - Net profit attributable to equity holders for the first half of 2024 was RMB 8.1 billion, compared to RMB 605 million in the first half of 2023[57] - Total revenue for the six months ended June 30, 2024, reached RMB 60,383 million, a 14% increase compared to RMB 52,961 million in the same period of 2023[66] - Domestic operating profit for the six months ended June 30, 2024, was RMB 8,489 million, a significant increase from RMB 3,997 million in the same period of 2023[66] - Overseas operating loss for the six months ended June 30, 2024, improved to RMB 545 million, compared to a loss of RMB 1,603 million in the same period of 2023[66] - Online marketing services revenue for the six months ended June 30, 2024, increased by 25% to RMB 34,165 million, compared to RMB 27,411 million in the same period of 2023[67] - Revenue from other services for the six months ended June 30, 2024, grew by 33% to RMB 8,341 million, compared to RMB 6,263 million in the same period of 2023[67] - Basic earnings per share for the six months ended June 30, 2024, were RMB 1.87, a significant increase from RMB 0.14 in the same period of 2023[71] User Metrics - Average daily active users (DAUs) reached 395.3 million in Q2 2024, up from 376.0 million in Q2 2023[7] - Average monthly active users (MAUs) reached 694.6 million in H1 2024, up from 663.9 million in H1 2023[7] - Average daily active users (DAU) and monthly active users (MAU) of the Kuaishou app reached 395 million and 692 million in Q2 2024, growing by 5.1% and 2.7% YoY respectively, with daily usage time per DAU reaching 122 minutes[9] - Monthly Active Users (MAU) are calculated as the number of unique user accounts (excluding fraudulent accounts) that access the application at least once per calendar month[91] - Key definitions include "Daily Active Users" (DAU), referring to unique user accounts accessing the app at least once daily, excluding fraudulent accounts[90] E-commerce Performance - E-commerce GMV for Q2 2024 was RMB 305,253.4 million, a YoY increase of 15.0%[7] - E-commerce GMV in Q2 2024 increased by 15% YoY to RMB 305.3 billion, with monthly active buyers growing by 14.1% YoY to 131 million and penetration rate reaching a record high of 18.9%[12] - E-commerce GMV for consumer electronics and home brands increased by over 83% YoY during the 618 shopping festival[13] - General shelf e-commerce GMV accounted for over 25% of total GMV in Q2 2024, with order volume growing 65% YoY during 618[13] - Search e-commerce GMV surged over 80% YoY in Q2 2024, driven by improved user intent recognition through AI models[13] - Short video e-commerce GMV grew nearly 70% YoY in Q2 2024, enhancing synergy between short videos and live streaming[13] - GMV (Gross Merchandise Volume) refers to the total value of all products and services transacted on the company's platform or redirected to partner platforms, excluding single transactions over RMB 100,000 or a series of transactions by a single buyer exceeding RMB 1,000,000 in a single day, unless settled[91] AI and Technology - The company's AI matrix, including large language models and visual generation models, has been integrated into multiple business scenarios, with AIGC marketing material consumption peaking at RMB 20 million per day in Q2 2024[8] - The company launched the video generation model "Keling AI" for global testing and open-sourced its text-to-image AI model "Ketutu" to foster a collaborative ecosystem[8] Marketing and Advertising - Online marketing service revenue grew by 22.1% YoY to RMB 17.5 billion in Q2 2024, driven by optimized smart marketing solutions and increased client bidding[10] - Paid short drama marketing consumption in Q2 2024 grew by over 2x YoY, driven by improved user experience and intelligent subsidies[10] - The company's Universal Auto X (UAX) product accounted for over 30% of total external marketing consumption in Q2 2024, with penetration increasing across industries[10] - Online marketing service revenue increased 22.1% YoY to RMB 17.5 billion in Q2 2024, fueled by optimized smart marketing solutions[20] - Online marketing service revenue grew by 5.2% from RMB 16.7 billion in Q1 2024 to RMB 17.5 billion in Q2 2024, due to optimized intelligent marketing solutions[36] - Promotion and marketing expenses for the six months ended June 30, 2024, increased by 13% to RMB 18,204 million, compared to RMB 16,053 million in the same period of 2023[68] Overseas Operations - Overseas revenue reached RMB 1.1 billion in Q2 2024, a 141.4% YoY increase, with online marketing revenue growing over 200% YoY[15] - Overseas operating loss narrowed by 64.5% YoY to RMB 277 million in Q2 2024, reflecting improved monetization efficiency[15] - Overseas operating loss narrowed by 64.5% YoY from RMB 780 million in Q2 2023 to RMB 277 million in Q2 2024, due to rapid growth in overseas revenue[31] - Overseas revenue for the three months ended June 30, 2024, was RMB 1,079 million, compared to RMB 447 million for the same period in 2023[65] Live Streaming - Live streaming revenue declined 6.7% YoY to RMB 9.3 billion in Q2 2024, despite a 50% YoY increase in signed agencies[14] - Live streaming revenue increased by 8.5% from RMB 8.6 billion in Q1 2024 to RMB 9.3 billion in Q2 2024, attributed to refined operational strategies[36] Costs and Expenses - Sales and marketing expenses rose by 16.3% YoY from RMB 8.6 billion in Q2 2023 to RMB 10.0 billion in Q2 2024, accounting for 32.4% of total revenue[25] - R&D expenses decreased by 11.1% YoY from RMB 3.2 billion in Q2 2023 to RMB 2.8 billion in Q2 2024, primarily due to reduced employee benefits[27] - Sales cost increased by 4.2% from RMB 13.3 billion in Q1 2024 to RMB 13.8 billion in Q2 2024, primarily due to higher revenue sharing costs and related taxes[39] - Sales and marketing expenses increased by 7.0% from RMB 9.4 billion in Q1 2024 to RMB 10.0 billion in Q2 2024, accounting for 32.4% of total revenue[41] - Administrative expenses surged by 71.4% from RMB 462 million in Q1 2024 to RMB 792 million in Q2 2024, mainly due to higher employee benefits[42] - R&D expenses remained stable at RMB 2.8 billion in both Q1 and Q2 2024[43] - Employee benefits expenses for the six months ended June 30, 2024, decreased by 12% to RMB 8,063 million, compared to RMB 9,135 million in the same period of 2023[68] Cash Flow and Financial Position - Cash and cash equivalents as of June 30, 2024, stood at RMB 11.4 billion, up from RMB 11.0 billion as of March 31, 2024[52] - Total available funds, including cash equivalents, time deposits, and financial assets, amounted to RMB 77.7 billion as of June 30, 2024, compared to RMB 63.7 billion as of March 31, 2024[52] - Net cash generated from operating activities in Q2 2024 was RMB 7.6 billion, driven by pre-tax profit of RMB 4.0 billion and adjustments for non-cash items[54] - Net cash used in investing activities in Q2 2024 was RMB 13.8 billion, primarily due to investments in financial assets and time deposits[55] - Net cash generated from financing activities in Q2 2024 was RMB 6.7 billion, mainly from borrowings and notes issuance[56] - Net cash from operating activities was RMB 13,404 million for the six months ended June 30, 2024, compared to RMB 5,486 million for the same period in 2023[61] - Total assets increased to RMB 119,799 million as of June 30, 2024, compared to RMB 106,296 million as of December 31, 2023[59] - Non-current assets grew to RMB 55,798 million as of June 30, 2024, up from RMB 45,935 million as of December 31, 2023[59] - Current assets rose to RMB 64,001 million as of June 30, 2024, compared to RMB 60,361 million as of December 31, 2023[59] - Total equity increased to RMB 56,438 million as of June 30, 2024, from RMB 49,074 million as of December 31, 2023[60] - Total liabilities grew to RMB 63,361 million as of June 30, 2024, up from RMB 57,222 million as of December 31, 2023[60] - Total investments as of June 30, 2024, amounted to RMB 45,863 million, a 45% increase from RMB 31,606 million as of December 31, 2023[74] - Trade receivables increased to RMB 6,693 million as of June 30, 2024, compared to RMB 6,595 million as of December 31, 2023, with a credit loss provision of RMB 167 million[75] - Unsecured bank loans amounted to RMB 4,500 million with a floating interest rate averaging 3.47% annually as of June 30, 2024[77] - Accounts payable totaled RMB 24,897 million as of June 30, 2024, with 63.1% aged within three months[78] - The company secured an unsecured credit facility of RMB 9,000 million in June 2024, with RMB 4,500 million drawn by June 30, 2024, and an additional RMB 4,500 million drawn in July 2024[79] - Global offering net proceeds of HKD 46,964.4 million were allocated, with HKD 4,482.6 million used as of June 30, 2024, and HKD 8,150.3 million remaining[80][81] Corporate Governance and Compliance - The company has adopted the Corporate Governance Code and complied with all applicable code provisions except for the deviation from Code Provision C.2.1, where the Chairman and CEO roles are combined[85] - No interim dividend declared for the six months ended June 30, 2024[86] - The Audit Committee reviewed the unaudited interim financial information for the three and six months ended June 30, 2024, and discussed accounting principles, risk management, and internal controls[86] - The unaudited interim financial information for the three and six months ended June 30, 2024, was prepared in accordance with International Financial Reporting Standards (IFRS)[86] - No significant events affecting the group occurred after June 30, 2024, up to the date of the announcement[87] - The interim results announcement and interim report are available on the Hong Kong Stock Exchange and the company's website[87] - The company's Board includes executive directors Cheng Yixiao and Su Hua, non-executive directors Li Zhaohui, Zhang Fei, Lin Xinhe, and Wang Huiwen, and independent non-executive directors Huang Xuande, Ma Yin, and Professor Xiao Xing[89] - The company emphasizes forward-looking statements in the announcement, highlighting risks and uncertainties that may affect future performance[89] - The company adheres to the "Standard Code" for securities transactions by directors as outlined in Appendix C3 of the Listing Rules[92] - The company's Articles of Association include provisions for voting rights, appointment of independent non-executive directors, and other key governance matters[92] - The company's IPO prospectus was dated January 26, 2021, and outlines its initial public offering details[92] Merchant and Platform Growth - The number of active merchants in Q2 2024 grew by over 50% YoY, supported by initiatives like the "Qihang Plan" and "Fuyao Plan" to help new and small merchants scale their operations[12] - Daily active merchants on the platform increased by over 50% YoY, while daily buyers grew by over 70% YoY in Q2 2024[13] Events and Initiatives - The "Kuaishou Village Olympics" event attracted over 135,000 on-site attendees and 520 million online viewers, with total exposure exceeding 6.4 billion[9] - The company launched the "Kwai Concept Edition" in November 2018 to explore different user needs and preferences[91] - The "Kwai Lite" version was officially launched in August 2019 as an alternative to the main Kwai app[91] - The main Kwai app, derived from the original mobile application "GIF Kwai" launched in 2011, continues to be a core product[91] - The company's organizational outline, effective from June 13, 2024, governs its operations and structure[91] Share Repurchases and Capital Allocation - The company repurchased 52,561,400 B-class shares for a total consideration of HKD 2,434,480,144.74 from January to August 2024[83][84] - No repurchase, sale, or redemption of any listed securities by the company or its subsidiaries during the six months ended June 30, 2024[85]

沐人网联席首席周杨久好在感谢大家来参加我们今天下午底部靠AI系列电话会议的第五个电话会议这次电话会议的背景主要是在最近我们看到了海外的开源模型取得了一些比较重大的进展包括在三季度我们应该会看到一些视频模型陆续在上半年的基础上会有一些落地和进展可能会成为未来整个模型发展的一个方向之一所以基于这样一个背景的话我们在这个时点的话是 举办了这么一个电话会议尤其是在现在其实市场整体比较的悲观但是我们看到整个大模型科技应用这块的进展其实还是非常的鼓舞人心的所以我想我们就借这个电话会议的机会去分享一下最新的大模型的一些边界和进展实际上我们希望通过我们的一些分享呢让大家能够感受到现在整个大模型演进的速度包括方向还有一些细节希望能够和大家有一些共同的一些探讨 今天的分享的话其实主要是有两部分一部分的话是先由我来分享一下关于最新的nata最帅的开源大模型那么3.1然后由我的同事张文宇来分享一下关于视频模型的一些跟踪和测试的一些情况最后的话就是我们会有一些文件的时间我想大概会在20到30分钟首先我们来看一下nata最新发布的开源模型那么3.1 这个模型的话是在7月24号昨天发布的堪称是几天为止功能最为强大的开源型大模型它的整个参数 ...

Investment Rating - The report maintains a "Buy" rating for Kuaishou (1024 HK) with a target price adjusted to HKD 55.00, down from HKD 75.00, indicating a potential upside of 17.6% from the current price of HKD 46.75 [1][2][9]. Core Insights - The report anticipates a slowdown in GMV growth for the second quarter, revising the e-commerce GMV growth forecast to 19% for Q2 and 21% for the full year, down from previous estimates of 25% and 24% respectively. This adjustment is attributed to a general market slowdown and increased competition in the live-streaming e-commerce sector [1][2]. - Kuaishou's advertising revenue is expected to grow rapidly, driven by AI-enabled marketing products, with a projected 22% year-on-year increase in Q2 advertising revenue to RMB 17.5 billion [1][2]. - The report projects a revenue of RMB 30.45 billion for Q2 2024, reflecting a 10% year-on-year growth, and an adjusted net profit of RMB 4.4 billion, representing a 63% increase year-on-year [1][2]. Financial Summary - Revenue projections for Kuaishou are as follows: - 2023: RMB 113.47 billion - 2024E: RMB 127.70 billion - 2025E: RMB 143.03 billion - 2026E: RMB 158.26 billion - The adjusted net profit is expected to reach RMB 18.22 billion in 2024, with a significant increase from RMB 10.27 billion in 2023 [3][10]. - The report highlights a gradual improvement in the company's revenue structure, which is expected to positively impact gross margins, with a projected gross margin of 55% for Q2 2024 [7][10].