Block Inc-A：增长加速与挑战并存-20250224

Investment Rating - The report assigns a positive outlook on Block, Inc. with expectations of growth acceleration despite existing challenges [2][10]. Core Insights - Block, Inc. reported a total gross profit of $2.31 billion for Q4 2024, reflecting a year-over-year increase of 14%, with adjusted EBITDA rising by 35% to$ 757 million, driven by cost control and operational leverage [4]. - The company aims for a 15% gross profit growth for the full year, with confidence in new product launches and marketing investments in the second half of 2025 [4]. - Square's gross payment volume (GPV) grew by 10% year-over-year to $59 billion, with international business showing a robust 24% growth [5]. - Cash App's monthly active users (MAU) remained stable at 57 million, with a notable increase in high-value users and a 10% year-over-year rise in average revenue per user (ARPU) to$ 76 [5]. Summary by Sections Financial Performance - For Q4 2024, Block's total gross profit reached $2.31 billion, up 14% year-over-year, while adjusted EBITDA was$ 757 million, marking a 35% increase [4]. - The company projects a gross profit growth of 15% for 2025, with management expressing confidence in achieving this target [4]. Business Segments - Square's gross profit increased by 12% to $924 million, while Cash App's gross profit rose by 16% to$ 1.38 billion [4]. - Square's GPV for Q4 2024 was $59 billion, with international operations growing at 24% [5]. Growth Catalysts - Block has initiated its Bitcoin mining business, with plans for mass production of its mining machines by the end of 2025, targeting a 5% market share in North America [6]. - The company plans to enhance the integration between merchants and Cash App, offering cashback incentives and targeted promotions [7]. - The adjusted operating profit target for 2025 is set at$ 2.1 billion, reflecting a 31% year-over-year increase, supported by AI-driven risk control systems [8].