Sea Ltd ADR：2024Q2点评：电商业务持续减亏，游戏流水增速提升

Investment Rating - The investment rating for the company is "Outperform" [2][4][10] Core Insights - The company's revenue for Q2 2024 reached $3.8 billion, representing a year-on-year growth of 23$2.8 billion, with a significant improvement in core market growth at 41% [1][7] - The gaming segment saw a revenue decline of 18% to $440 million, but adjusted EBITDA increased by 26$300 million, driven by strong performance from the game Free Fire [1][8] - Digital finance revenue grew by 21% year-on-year to $520 million, with an adjusted EBITDA margin of 32$2.8 billion, with a year-on-year increase of 34% and a gross merchandise value (GMV) growth of 29% [1][7] - The adjusted EBITDA for e-commerce was -$9 million, indicating a continued reduction in losses [1][7] - The company raised its full-year GMV growth guidance to approximately 25$440 million, a decline of 18% year-on-year, while the gaming gross revenue increased by approximately 21% to $540 million [1][8] - The number of active users reached 650 million, a 19$520 million, reflecting a 21% year-on-year growth, primarily driven by credit services [1][9] - The adjusted EBITDA for this segment was $170 million, maintaining a profit margin of 32% [1][9]