快手-W：业绩符合预期，外循环驱动广告增长

Investment Rating - The report maintains a "Buy" rating for Kuaishou Technology with a target price adjusted to HKD 55, indicating a potential upside of 19% from the current price of HKD 46.4 [2][5][21]. Core Insights - Kuaishou Technology's Q3 2024 revenue reached RMB 31.1 billion, representing a year-on-year growth of 11.4%, while adjusted net profit was RMB 3.95 billion, up 24% year-on-year, aligning with market expectations [1]. - The company's daily active users (DAU) grew to 408 million, a 5.4% increase year-on-year, and monthly active users (MAU) reached 714 million, up 4.3% year-on-year, indicating stable overall traffic growth [1]. - Advertising revenue for Q3 2024 was RMB 17.6 billion, a 20% year-on-year increase, primarily driven by external circulation advertising, particularly in media, e-commerce, and local services [1][2]. - E-commerce gross merchandise volume (GMV) was RMB 334.2 billion, growing 15.1% year-on-year, supported by a 12.2% increase in active buyers [2]. Summary by Sections Financial Performance - Q3 2024 revenue was RMB 31.1 billion, with a year-on-year growth of 11.4% [1]. - Adjusted net profit for Q3 2024 was RMB 3.95 billion, reflecting a 24% increase year-on-year [1]. - Q3 2024 advertising revenue was RMB 17.6 billion, up 20% year-on-year, with external circulation advertising as the main growth driver [1][2]. User Metrics - DAU reached 408 million, a 5.4% increase year-on-year [1]. - MAU was 714 million, growing 4.3% year-on-year [1]. - Daily average usage time was 132 minutes, with total traffic increasing by 7.3% year-on-year [1]. E-commerce Insights - E-commerce GMV for Q3 2024 was RMB 334.2 billion, a 15.1% year-on-year increase [2]. - The number of active buyers increased by 12.2% to 133 million [2]. - The gross margin for Q3 2024 was 54.3%, with a year-on-year increase of 1.2 percentage points [2].