多邻国：MAU首次破亿，业绩超预期增长

Investment Rating - The report does not provide a specific investment rating for the company [3][5][8]. Core Insights - The company achieved a record high in Monthly Active Users (MAU), surpassing 100 million for the first time, reaching 104 million in Q2 2024, with a year-on-year growth of 40% [8]. - Daily Active Users (DAU) reached 34.1 million, reflecting a 59% year-on-year increase, indicating enhanced user engagement [8]. - The number of paying users increased to 8 million, a 52% year-on-year growth, with a payment rate of 8.6%, up by 0.7 percentage points, suggesting significant future growth potential in paid subscriptions [8]. - The company reported Q2 2024 net revenue of $178 million, a 41% year-on-year increase, with subscription revenue contributing $144 million, up 51% [5][8]. - Operating cash flow for Q2 2024 was $62.4 million, a 68% increase year-on-year, demonstrating strong cash generation capabilities [5][8]. - The adjusted EBITDA for Q2 2024 was $48.1 million, with an adjusted EBITDA margin of 27%, reflecting a 10.5 percentage point improvement year-on-year [5][8]. Financial Performance Summary - The company’s revenue growth trajectory is robust, with projected cash revenue for Q3 2024 estimated between $194.5 million and $197.5 million, representing a year-on-year growth of 27-29% [9]. - For the full year 2024, cash revenue is expected to be between $820.5 million and $827.5 million, with a year-on-year growth of 32-33% [9]. - The adjusted EBITDA for 2024 is projected to be between $175.5 million and $184.6 million, indicating an 87-97% year-on-year increase [9]. - The company effectively managed its expense ratios, with R&D, sales, and administrative expenses decreasing by 6.9, 2.7, and 4.7 percentage points respectively in Q2 2024 [5][8].