KUAISHOU(01024) 兴证国际证券·2024-11-24 02:43Investment Rating - The report maintains a "Buy" rating for the company [3][4]. Core Insights - The company's overall performance met expectations, with Q3 2024 total revenue reaching 31.131 billion RMB, a year-on-year increase of 11.4%, slightly above Bloomberg's consensus estimate of 30.030 billion RMB, driven by growth in online marketing services and other services [3]. - Adjusted net profit for Q3 2024 was 3.948 billion RMB, up 24.4% year-on-year, also slightly exceeding Bloomberg's consensus estimate of 3.909 billion RMB, with an adjusted net profit margin of 12.7% [3]. - Daily active users (DAU) surpassed 400 million, reaching 407.5 million, a year-on-year increase of 5.4%, with average daily usage time per user at 132 minutes [3]. - The online marketing services segment showed strong performance, with revenue of 17.634 billion RMB in Q3 2024, a year-on-year increase of 20.0%, accounting for 56.6% of total revenue [3]. - E-commerce gross merchandise volume (GMV) reached 334.2 billion RMB in Q3 2024, a year-on-year increase of 15.1%, with active buyers increasing by 12.2% [3]. Financial Summary - For the fiscal year 2023, the company reported revenue of 113.47 billion RMB, with a projected revenue of 127.23 billion RMB for 2024, reflecting a growth rate of 12.1% [2]. - The gross profit margin is expected to improve from 50.6% in 2023 to 54.6% in 2024 [2]. - Adjusted net profit is forecasted to grow from 10.27 billion RMB in 2023 to 17.71 billion RMB in 2024, with an adjusted net profit margin increasing from 9.1% to 13.9% [2].