谢谢operator 大家好 欢迎参加快手科技2024年第一季度业绩电话会议今天出席电话会议的管理层有快手科技的联合创始人董事长兼首席执行官程一孝先生和快手科技首席财务官金炳先生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来境信息的义务。有关本会议的所有重要资料,包括前来境陈述,请以公司公开资料或今日早些时候在公司二二网站发布的截至2024年3月31日的2024年第一季度业绩公告为准。 今天的电话会议中,管理层还将讨论某些非国际会计准则的财务指标,仅供考虑作为补充,但不能替代根据国际会计准则编制的公司财务业绩指标。有关非国际会计准则财务指标的定义,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年第一季度业绩公告。 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您有说明所有在电话会议 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][6] Core Views - The company reported a significant increase in adjusted net profit for Q1 2024, driven by a 16.6% year-on-year revenue growth to 29.41 billion yuan, primarily due to a 27.4% increase in online marketing service revenue [6][7] - The adjusted EBITDA rose by 199.5% year-on-year to 5.979 billion yuan, reflecting improved commercialization efficiency and cost control [6] - The company has raised its profit forecasts for 2024-2026, expecting net profits of 15.623 billion, 19.572 billion, and 23.361 billion yuan for the respective years, with corresponding EPS of 3.6, 4.5, and 5.4 yuan [6][9] Summary by Sections Financial Performance - In Q1 2024, the company achieved a revenue of 29.41 billion yuan, with a gross margin of 54.8%, up 8.4 percentage points year-on-year [6][7] - The online marketing revenue accounted for 56.6% of total revenue, with an average revenue per daily active user of 42.3 yuan, a 21.2% increase year-on-year [7][8] User Engagement - The platform's average daily active users reached 394 million, a 5.2% year-on-year increase, while monthly active users were 697 million, up 6.6% year-on-year [8] - The average daily usage time per user was 129.5 minutes, indicating a 4.0% increase from the previous quarter [8] Management Confidence - The company plans to repurchase up to 16 billion HKD of its shares over the next 36 months, reflecting management's confidence in the company's future performance [8]

快手（1024.HK）2024Q1业绩点评 利润释放持续超预期，新一轮回购计划彰显信心 2024年05月23日 ➢ 事件：2024年5月22日，快手发布24Q1业绩，24Q1总收入294亿元，➢ 推 荐 维持评级 ➢ ➢ yoy+16.6%；净利润 41 亿元，同比扭亏为盈；经调整净利润 44 亿元，同比 当前价格： 58.15港元 +10347.6%。 ➢ 用户流量稳健增长，DAU日均时长同环比提升至129.5分钟。从用户侧来 看，Q1 DAU 3.94亿，yoy+5.2%，qoq+3.0%；MAU 6.97亿，yoy+6.6%， [Table_Author] qoq-0.4%；DAU日均时长达到129.5分钟，同环比均实现提升，主要得益于开 展包括用户兴趣多样性探索和短视频评论排序策略优化等在内的专项。在用户增 长方面，公司不断优化用户的渠道结构，结合算法对新增用户留存率进行预测， 用户增长的ROI提升。在内容供给方面，公司扶持有快手特色的优质创作者，并 在重要时间点打造差异化的具有快手特色的优质IP内容，吸引用户使用快手。 ➢ 24Q1收入略超预期，线上营销+电商业务高增长驱动。24Q1，1）线上营 分 ...

2024年05月23日 买入（维持评级） 快手-W（01024.HK） 港股公司点评 证券研究报告 业绩超预期，将开启 160 亿港元回购 传 媒与互联网组 分析师：陈泽敏（执业S1130524020004） 业绩简评 chenzemin＠gjzq.com.cn 2024年5月22日，公司披露2024年一季度业绩公告，2024Q1实 分析师：许孟婕（执业S1130522080003） 现收入294亿元，同比增长16.6%， Non-IFRS净利润43.9亿元， x umengjie＠gjzq.com.cn 同比增长10347.6%。 经营分析 市 价（港币）：58.150元 即将开启 160 亿港元回购计划，继续加强股东回报。公司宣布在 现有股份回购计划到期后，开启新股份回购计划，公司可于未來36 相关报告： 个月内购回价值不超過 160 亿港元的 B 类普通股。截至 5 月 22 1.《快手-W港股公司点评：运营效率提升，进入全面盈利 日，公司已根据现有股份购回计划回购共30.9亿港元公司股份。 时代》，2024.3.21 成本费用持续优化带动公司利润率提升。2024Q1公司毛利率达到 2.《快手-W港股公 ...

Investment Rating - The report maintains a "BUY" rating for Kuaishou with a target price of HK$97, indicating a potential upside of 66.8% from the current price of HK$58.15 [2][3][4] Core Insights - Kuaishou reported a strong quarterly performance with revenue and net profit growth of 17% and 10,348% year-over-year, respectively, surpassing consensus estimates [2][3] - The company is expected to benefit from a new HK$16 billion share repurchase program, which is anticipated to enhance its market valuation [2] - The forecast for Q2 2024 includes a revenue increase of 9.5% year-over-year, driven by resilient advertising and other services revenue growth of 22.5% and 24%, respectively [2][3] Financial Performance Summary - For FY24E, revenue is projected at RMB 125,544 million, reflecting a year-over-year growth of 10.6% [3][17] - Adjusted net profit is expected to reach RMB 17,247 million in FY24E, with a significant increase in diluted EPS to RMB 3.74 [3][15] - The gross margin is forecasted to improve to 54.2% in FY24E, while the operating margin is expected to be 11.6% [15][18] Segment Performance - The revenue breakdown for Q1 2024 shows a decline in livestreaming revenue by 8%, while advertising and other services grew by 27% and 48%, respectively [2][5] - The company anticipates continued strong momentum in its advertising and e-commerce segments for Q2 2024, with total revenue expected to grow by 9.5% year-over-year [2][3] Market Position and Valuation - Kuaishou's market capitalization is approximately HK$254 billion, with significant shareholding from Tencent Holdings (18.8%) and Morningside Venture Capital (15.6%) [4][18] - The report highlights a favorable valuation with a P/S ratio of 1.9 and a P/E ratio of 13.8 for FY24E, indicating potential for further rerating [3][4]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 75.00, indicating a potential upside of 29.0% from the current price of HKD 58.15 [1][11]. Core Insights - The company reported a total revenue of RMB 29.4 billion for Q1 2024, a year-on-year increase of 17%, which met expectations. The gross margin improved to 55%, with a significant increase in adjusted net profit to RMB 4.4 billion, surpassing market expectations by 37% [2]. - The report highlights continued optimization of cost and expenses, which exceeded expectations, suggesting further potential for profit adjustments [2]. - The company is expected to see a 25% year-on-year growth in e-commerce GMV in Q2 2024, driven by supply-side expansion and increased user purchases [2]. Financial Overview - Revenue projections for the company are as follows: RMB 113.47 billion in 2023, RMB 127.27 billion in 2024, and RMB 141.48 billion in 2025, with respective growth rates of 20.5%, 12.2%, and 11.2% [3][12]. - The adjusted net profit is forecasted to reach RMB 18.08 billion in 2024, reflecting a 76% increase from the previous year [2][12]. - The report indicates a significant improvement in the company's operating margin, with expectations of continued growth in profitability metrics over the next few years [12]. User Engagement and E-commerce Performance - Total user engagement time increased by 9% year-on-year, with e-commerce GMV growing by 28% compared to the previous year, driven by a 70% increase in active merchants [2][5]. - Online marketing revenue rose by 27%, benefiting from the application of smart marketing solutions and product iterations [2][9]. - The report notes a 50% year-on-year increase in mid-tier streamer support, enhancing operational efficiency despite an 8% decline in live streaming revenue [2][9]. Valuation and Market Position - The report suggests that the valuation is based on a 15x P/E ratio for 2024, with a focus on the mainland business contributing RMB 19.5 billion in profit [2][12]. - The company’s market capitalization is approximately HKD 208.33 billion, with a 52-week high of HKD 69.15 and a low of HKD 39.10 [4][12]. - The report emphasizes the ongoing improvement in revenue structure and gross margin, with marketing expense ratios still having room for optimization [2][12].

Ladies and gentlemen, hello everyone. Welcome to the 1st quarter performance telephone conference of Kuaishou Technology in 2024. Please note that this conference will be held in English. You need to log in to the English channel to listen to the third part of the presentation. Please note that today's conference is being recorded. Now, let's welcome the vice president of the company's capital market and investor relations, Matthew Johnson. Thank you, Operator. Hello, everyone. Welcome to Kuaishou Technolog ...

Financial Performance - Kuaishou Technology reported a total revenue of RMB 29.408 billion for the three months ending March 31, 2024, representing a year-on-year increase of 16.6% from RMB 25.217 billion in the same period of 2023[3]. - Gross profit for the same period was RMB 16.120 billion, with a gross margin of 54.8%, compared to RMB 11.712 billion and a gross margin of 46.4% in the previous year, reflecting a 37.6% increase in gross profit[3]. - The company achieved an adjusted net profit of RMB 4.388 billion, a significant increase of 10,347.6% compared to RMB 42 million in the same quarter of 2023[3]. - Operating profit for Q1 2024 was RMB 4 billion with an operating margin of 13.6%, compared to an operating loss of RMB 698 million in Q1 2023[29]. - The company reported a profit of RMB 4.12 billion in Q1 2024, a significant turnaround from a loss of RMB 876 million in Q1 2023[33]. - Basic earnings per share for Q1 2024 were RMB 0.95, compared to a loss per share of RMB 0.20 in the same period last year[58]. - The company reported a total comprehensive income of RMB 4,150 million for Q1 2024, compared to a loss of RMB 1,146 million in Q1 2023[59]. User Engagement - Average daily active users reached 393.8 million, up 5.2% year-on-year, while average monthly active users increased to 697.4 million, a rise of 6.6%[6]. - The average revenue per daily active user was RMB 42.3, compared to RMB 34.9 in the same quarter of 2023, indicating improved monetization[6]. - Daily active users for short video e-commerce grew nearly 100% year-over-year in Q1 2024, with significant increases in supply richness[13]. - Monthly active users reached 200 million, showing a growth of 10% year-over-year[83]. - Daily active users reached a total of 100 million, reflecting a year-over-year increase of 15%[82]. E-commerce Performance - Total e-commerce transaction value on the platform was RMB 288.072 billion, up from RMB 224.767 billion in the previous year[6]. - E-commerce GMV rose by 28.2% year-over-year to RMB 288.1 billion in Q1 2024, with monthly active buyers increasing by 22.4% to 126 million[12]. - Brand product GMV during the Spring Festival increased by over 70% compared to the previous year, with short video GMV growing over 110% year-over-year[13]. - Gross Merchandise Volume (GMV) for the quarter was reported at RMB 50 billion, representing a 20% increase compared to the previous quarter[82]. Marketing and Advertising - In Q1 2024, online marketing services revenue grew by 27.4% year-over-year to RMB 16.7 billion, accounting for 56.6% of total revenue[10]. - Active marketing customers increased by nearly 90% year-over-year in Q1 2024, driven by the application of intelligent marketing solutions[10]. - The search marketing service revenue grew by over 50% year-on-year in the first quarter of 2024, driven by optimizations in search functionality using large language model technology[9]. - The return on investment (ROI) for marketing campaigns improved to 150%, indicating effective spending strategies[83]. Operational Efficiency - The company launched a new traffic recommendation mechanism to enhance user experience and monetization efficiency[7]. - Kuaishou Technology is advancing the development of its self-researched large language model to enhance various business scenarios and improve operational efficiency[7]. - Sales and marketing expenses rose by 7.6% to RMB 9.4 billion in Q1 2024, while the percentage of total revenue decreased from 34.6% to 31.9%[25]. - Administrative expenses decreased by 49.7% to RMB 462 million in Q1 2024, primarily due to reduced employee benefits expenses[26]. International Expansion - In Q1 2024, the company's overseas business revenue reached RMB 991 million, a year-on-year increase of 193.2%[15]. - The average daily active users in key overseas markets grew steadily, with Brazil's average daily active users increasing by 13% year-on-year, and each user spending over 75 minutes daily[15]. Future Outlook - The company plans to invest approximately RMB 10 billion in resources to support quality agricultural product vendors as part of its rural revitalization initiative[16]. - Future guidance estimates revenue growth of 18% for the next quarter, projecting total revenue of RMB 12 billion[82]. - New product launches are expected to contribute an additional RMB 5 billion in revenue over the next two quarters[82]. - The company is exploring potential acquisitions to strengthen its market position, with a budget of up to RMB 3 billion allocated for this purpose[82]. Corporate Governance - The company has complied with all applicable corporate governance code provisions except for the separation of the roles of Chairman and CEO, which are held by the same individual since October 29, 2023[77]. - The company is committed to maintaining high standards of corporate governance, which is crucial for its development and shareholder protection[76]. - The company will continue to enhance its corporate governance practices to align with legal and professional standards[77]. Cash Flow and Investments - Cash and cash equivalents decreased to RMB 11.0 billion as of March 31, 2024, from RMB 12.9 billion as of December 31, 2023[53]. - Net cash generated from operating activities was RMB 5.8 billion in Q1 2024, with income tax paid amounting to RMB 217 million[55]. - The net cash used in investing activities for Q1 2024 was RMB 4.9 billion, primarily due to financial asset investments of RMB 6.5 billion and property, plant, and equipment purchases of RMB 1.4 billion[56]. - The net cash used in financing activities for Q1 2024 was RMB 2.8 billion, mainly from share repurchases of RMB 1.2 billion and settlement of notes payable of RMB 895 million[57].

2024年4月26日 公司研究 电商驱动 24Q1 利润超预期高增，估值具备向上弹性 ——快手科技（1024.HK）24Q1 业绩前瞻 要点 买入（维持） 用户：活跃用户数增势稳健，短剧等内容助力用户粘性居高位。预计 24Q1 当前价/目标价：49.10/89.1港元 快手DAU 3.91亿（yoy+4.5%），MAU 6.9亿（yoy+5%），DAU/MAU=56.9% （yoy-0.3pcts），每DAU日均使用时长124.9分钟（yoy-1.5%）。24Q1除 作者 春节外，整体并非用户旺季，但公司通过以短剧为代表的多样化内容供给，有 分析师：付天姿 望保持高用户粘性。AI技术赋能，推荐算法精准度提升带来更优的用户体验。 执业证书编号：S0930517040002 商业化：预计快手24Q1线上营销收入165.0亿元（yoy+26.3%）。电商生态 021-52523692 futz@ebscn.com 持续向好带来商家投流意愿增强，快手基于行业属性的精细化运营策略、营销 产品能力持续提升。快手电商GMV的高增长预计继续带动内循环广告强劲增 分析师：赵越 长。在消费逐步复苏大背景下，部分广告主预算有望得到 ...

[Table_MainInfo] 公司研究/传媒 证券研究报告 快手-W（1024）公司年报点评 2024年04月23日 [Table_InvestInfo] 首次覆 发展进入全面盈利时代，持续拓展场景生 投资评级 优于大市 盖 态建设和深挖用户多元变现 股票数据 0[4Ta月b2le2_日S收to盘ck价I（nf港o元] ） 45.20 [Table_Summary] 投资要点： 52周股价波动（港元） 39.10-69.15 总股本/流通A股（百万股） 4344/4344 总市值/流通市值（百万港元） 196347/196347  经调整利润净额和年内利润于 2023 年均实现扭亏为盈，公司发展进入全面 盈利时代。2023年，公司营收1134.70亿元（同比+20.5%），主要由于营销 市[T场ab表le现_R eportInfo] 服务、电商业务及直播业务的增长；毛利率 50.6%（同比+5.9pct）；销售费 [Table_QuoteInfo] 40% 用、行政开支和研发开支同比分别下降1.7%、10.4%和10.5%；年内利润扭 20% 亏为盈，盈利63.99亿元；经调整利润102.71亿元，规模 ...