Investment Rating - The report assigns an "Accumulate" rating to Kuaishou [2][7]. Core Views - The report highlights that Kuaishou's advertising and e-commerce businesses continue to grow under the empowerment of AI, while the live streaming segment faces some adjustment pressure. The total revenue growth for FY24Q2 is expected to approach double digits, with an adjusted net profit of 4.4 billion RMB [6][9]. Financial Summary - The adjusted revenue forecast for Kuaishou for FY2024 and FY2025 is set at 127.6 billion RMB and 141.7 billion RMB, respectively, reflecting year-on-year growth of 12.5% and 11.0%. The adjusted net profit for the same periods is projected to be 18.5 billion RMB and 25.1 billion RMB, indicating year-on-year growth of 78% and 36% [7][9]. - For FY24Q2, Kuaishou is expected to achieve revenue of 30.4 billion RMB, a year-on-year increase of 9.7%. Online marketing revenue is anticipated to reach 17.3 billion RMB, up 21% year-on-year, while live streaming revenue is projected at 8.7 billion RMB, down 13% year-on-year [9][10]. - The gross margin is expected to reach 54.2%, with an adjusted net profit of 4.4 billion RMB, representing a year-on-year increase of 63% [9][10]. User Engagement Metrics - The report estimates that Kuaishou's daily active users (DAU) will reach 393 million in FY24Q2, a year-on-year increase of 4.5%, while monthly active users (MAU) are expected to hit 690 million, up 2.4% year-on-year. The average daily usage time per user is projected to be around 124 minutes [9][10]. Business Segments - The online marketing segment is expected to drive revenue growth, with a forecast of 17.3 billion RMB for FY24Q2, primarily supported by internal advertising revenue and a recovery in external circulation [9][10]. - Other business revenues are projected to reach 4.4 billion RMB, reflecting a year-on-year increase of 29%. During the 618 shopping festival in 2024, the gross merchandise volume (GMV) for e-commerce is expected to grow by 16% [10].

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股 票 研 究 行 业 周 报 | --- | --- | --- | --- | |---------------------------------------------|----------------------|-----------|------------| | [Table_Industry] | | | 家用电器业 | | 2024.07.15 | [Table_Invest] 评级: | | 增持 | | 线上洗衣机和洗地机表现较好,铜价环比有所上升 | | 上次评级: | 增持 | ——2024W28 家电行业数据周报 [Table_subIndustry] 细分行业评级 | --- | --- | --- | --- | |-----------------|----------------------------|-------------------------------|----------------------------| | [table_A ...

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 静候黎明 本报告导读: 公司利润率依然处在下滑通道,未来随着房价的企稳和拿地权益比的提升将企稳;公 司 ROE 创新低,需继续加快在手项目去化。 [Table_Industry] 房地产/金融 保利发展(600048)[Table_Invest] 评级: 增持 上次评级: 增持 [Table_Target] 目标价格: 12.80 上次预测: 12.80 [当前价格: Table_CurPrice] 9.02 ——保利发展 2024 年 H1 业绩快报点评 [table_Authors 谢皓宇](分析师) 白淑媛(分析师) 黄可意(研究助理) 010-83939826 021-38675923 010-83939815 xiehaoyu@gtjas.com baishuyuan@gtjas.com huangkeyi028691@gtjas.com 登记编号 S0880518010002 S0880518010004 S0880123070129 [Table_Date] 2024. ...

Investment Rating - The report maintains an "Overweight" rating for the food and beverage industry, specifically favoring beverages and beer due to their resilience and profit elasticity [1][4]. Core Insights - The report emphasizes that the beverage and beer sectors are expected to show significant marginal improvements in Q3 2024, driven by low-price and high-frequency consumption patterns that are less affected by economic fluctuations [1][4]. - The white liquor segment is advised to focus on growth quality and actual sales dynamics, with attention to price changes [1][4]. - The report highlights that the beverage industry exhibits strong anti-cyclical characteristics, with rapid growth in energy drinks, coffee, tea, and purified water [9][12]. Summary by Sections Investment Recommendations - White liquor: Recommended to overweight with stable sales targets including Shanxi Fenjiu, Yingjia Gongjiu, Gujing Gongjiu, and Kweichow Moutai. Underperforming stocks like Wuliangye and Laobaiganjiu are also suggested for overweight [4][5]. - Beverages: Overweight recommendations for Dongpeng Beverage and Master Kong, with beneficiaries including Uni-President China and Nongfu Spring [4]. - Beer: Overweight suggestions for Yanjing Beer, Qingdao Beer, Chongqing Beer, and Zhujiang Beer, along with Hong Kong stocks like China Resources and Qingdao Beer Co [4]. - Consumer goods: Overweight on high-growth stocks such as Three Squirrels, Jin Zai Food, and Yan Jin Pu Zi, with expectations of marginal improvements in the supply chain post-restaurant pressure [4]. White Liquor - The report notes that the price of Moutai has stabilized and is expected to rebound, with the market maintaining a focus on long-term development and shareholder returns [5][12]. - The report anticipates that the white liquor sector will experience volatility due to weak demand and price fluctuations, but quality companies are expected to maintain stable sales [5]. Beverages and Beer - The beverage sector is characterized by low prices and high frequency, making it less susceptible to economic downturns. The report predicts a recovery in beer sales as weather conditions normalize in Q3 2024 [12][13]. - The report identifies a trend of regional differentiation in beer consumption, with southern regions showing stronger consumer sentiment compared to northern areas [12][13]. Consumer Goods - The report indicates that while the snack sector is entering a relatively quiet season, the growth logic remains intact, with companies like Three Squirrels showcasing strong management strategies and channel matching [15]. - The report highlights that the restaurant supply chain sector is gradually stabilizing, with expectations for improved downstream demand [15]. Profit Forecasts and Valuations - The report provides earnings forecasts for key companies, indicating a positive outlook for several stocks in the food and beverage sector, with expected growth rates and profit margins improving [16][17].

股 票 研 究 萝卜快跑开启商业运营,软银为 AI 项目寻求融资 | --- | --- | --- | |-----------------|---------------------------|--------------------------------| | | | ——海外科技行业 2024 年第 45 期 | | [table_Authors] | 秦和平(分析师) | 李奇(分析师) | | | 0755-23976666 | 0755-23976888 | | | qinheping027734@gtjas.com | liqi028295@gtjas.com | | 登记编号 | S0880523110003 | S0880523060001 | [Table_Industry] 海外科技 2024.07.14 [Table_Invest] 评级: 增持 上次评级: 增持 [Table_subIndustry] 细分行业评级 证 券 研 究 报 告 本报告导读: 萝卜快跑在武汉开始商业化运营,特斯拉 Robotaxi 推迟发布,软银计划为高达 100 亿美元的 AI 项目融资,通义千问测 ...

| --- | --- | --- | --- | |-------------------------------------------|----------------------|-----------|------------| | [Table_Industry] | | | 家用电器业 | | 2024.07.14 | [Table_Invest] 评级: | | 增持 | | 多家公司发布业绩预告,6 月家电出口同比增长 | | 上次评级: | 增持 | ——2024W28 家电行业周报 [Table_subIndustry] 细分行业评级 | --- | --- | --- | --- | |----------------|----------------------------|-------------------------------|--------------------| | [table_Authors | 蔡雯娟](分析师) | 田平川(研究助理) | 樊夏俐(分析师) | | | 021-38031654 | 021-38676666 | 021-38676666 | ...

股 票 研 究 | --- | --- | --- | --- | |---------------------------------------|----------------------|-----------|-------| | [Table_Industry] | | | 环保 | | 2024.07.15 | [Table_Invest] 评级: | | 增持 | | 迎峰度夏负荷高峰将至,电网稳定再受考验 | | 上次评级: | 增持 | [Table_subIndustry] 细分行业评级 | --- | --- | --- | --- | |----------|-------------------|--------------------|-----------------------| | | 徐强(分析师) | 邵潇(分析师) | 于歆(分析师) | | | 010-83939805 | 0755-23976520 | 021-38038345 | | | xuqiang@gtjas.com | shaoxiao@gtjas.com | yuxin024466@gtjas.com ...

股 票 研 究 [Table_Industry] 农业 | --- | --- | --- | --- | |--------------------------------|---------------------------------|-----------|------------| | 2024.07.15 | [Table_Invest] 评级: | | 增持 | | 价格高位稳定,Q2 业绩改善 | | 上次评级: | 增持 | | | [Table_subIndustry]细分行业评级 | | | | [table_Authors 王艳君](分析师) | | | | | 021-38674633 | | | | | wangyanjun022998@gtjas.com | [Table_Report] 相关报告 | | | | 登记编号 S0880520100002 | | | | | | | | 2024.05.24 | 行 业 周 报 本报告导读: 生猪:猪价高位稳定,2024Q2 实现业绩转正。当前板块估值仍低,继续推荐养殖板 块。后周期:中报业绩仍弱,关注养殖利润改善后的需求困境反转 ...

股 票 研 究 [Table_Industry] 农业 | --- | --- | --- | --- | |--------------------------------|---------------------------------|-----------|------------| | 2024.07.15 | [Table_Invest] 评级: | | 增持 | | 价格高位稳定,Q2 业绩改善 | | 上次评级: | 增持 | | | [Table_subIndustry]细分行业评级 | | | | [table_Authors 王艳君](分析师) | | | | | 021-38674633 | | | | | wangyanjun022998@gtjas.com | [Table_Report] 相关报告 | | | | 登记编号 S0880520100002 | | | | | | | | 2024.05.24 | 行 业 周 报 本报告导读: 生猪:猪价高位稳定,2024Q2 实现业绩转正。当前板块估值仍低,继续推荐养殖板 块。后周期:中报业绩仍弱,关注养殖利润改善后的需求困境反转 ...

[Table_Industry] 建筑工程业 | --- | --- | --- | --- | |--------------------------------------------|---------------------------------|-----------|------------| | | [Table_Invest] 评级: | | 增持 | | 电改持续推进,车路云低空加速渗透 | | 上次评级: | 增持 | | ——建筑行业第 356 期周报 | [Table_subIndustry]细分行业评级 | | | | 郭浩然(分析师) | | | | | 010-83939793 | | | | | guohaoran025968@gtjas.com | [Table_Report] 相关报告 | | | | S0880524020002 | | | | | | 科技和高股息龙头》 | | | | | | | 2024.06.17 | | /中国电建,税改基建中国中铁/中国交建/中国铁 | | | | | /隧道股份,节能降碳中国化学/中材国际等。 | 据库 20240616》 ...