KUAISHOU(01024) 天风证券·2024-12-22 13:49Investment Rating - The investment rating for the company is "Buy" with a target price of 68 HKD, maintaining the rating for the next 6 months [1]. Core Insights - The company's Q3 2024 performance showed steady growth in core business, with revenue reaching 31.1 billion RMB, a year-on-year increase of 11.4%, and adjusted net profit of 3.9 billion RMB, up 24.4% year-on-year [1]. - User traffic reached a record high, with daily active users (DAU) averaging 408 million, a year-on-year increase of 5.4% [1]. - The online marketing service revenue grew by 20% year-on-year to 17.6 billion RMB, driven primarily by external advertising [1]. - The company's e-commerce gross merchandise volume (GMV) increased by 15.1% year-on-year, reaching 334.2 billion RMB [1]. - The overseas business saw a significant growth of 104.1% year-on-year, with revenue reaching 1.33 billion RMB [1]. Summary by Sections Financial Performance - In Q3 2024, the company achieved operating revenue of 31.1 billion RMB, with a gross profit of 16.9 billion RMB, reflecting a 17% year-on-year increase [1]. - Sales and marketing expenses rose by 15.9% to 10.4 billion RMB, accounting for 33.3% of total revenue [1]. - Research and development expenses increased by 4.5% to 3.1 billion RMB, representing 10% of total revenue [1]. User Engagement - The average DAU/MAU for the company's application was 408 million/714 million, with DAU reaching a historical high [1]. - The average daily usage time per DAU was 132.2 minutes, a year-on-year increase of 7.3% [1]. Marketing and Advertising - The external advertising segment showed strong growth, with UAX consumption in external circulation increasing to approximately 50% [1]. - The number of active merchants in internal circulation increased by over 50% year-on-year [1]. E-commerce and Other Services - Other service revenue, including e-commerce, grew by 17.5% year-on-year to 4.2 billion RMB [1]. - The number of active buyers in e-commerce increased by 12.2% year-on-year to 133 million [1]. Live Streaming and Overseas Business - Live streaming revenue was 9.3 billion RMB, a year-on-year decrease of 3.9% [1]. - The overseas business revenue reached 1.33 billion RMB, with a significant reduction in operating losses by 75.9% [1]. Investment Outlook - The company is expected to achieve operating revenues of 127.1 billion RMB and 140.7 billion RMB for 2024 and 2025, respectively, with adjusted net profits of 17.6 billion RMB and 21.6 billion RMB [1].