KAIYUAN SECURITIES·2024-05-23 10:02Investment Rating - The investment rating for the company is "Buy" (maintained) [2][6] Core Views - The company reported a significant increase in adjusted net profit for Q1 2024, driven by a 16.6% year-on-year revenue growth to 29.41 billion yuan, primarily due to a 27.4% increase in online marketing service revenue [6][7] - The adjusted EBITDA rose by 199.5% year-on-year to 5.979 billion yuan, reflecting improved commercialization efficiency and cost control [6] - The company has raised its profit forecasts for 2024-2026, expecting net profits of 15.623 billion, 19.572 billion, and 23.361 billion yuan for the respective years, with corresponding EPS of 3.6, 4.5, and 5.4 yuan [6][9] Summary by Sections Financial Performance - In Q1 2024, the company achieved a revenue of 29.41 billion yuan, with a gross margin of 54.8%, up 8.4 percentage points year-on-year [6][7] - The online marketing revenue accounted for 56.6% of total revenue, with an average revenue per daily active user of 42.3 yuan, a 21.2% increase year-on-year [7][8] User Engagement - The platform's average daily active users reached 394 million, a 5.2% year-on-year increase, while monthly active users were 697 million, up 6.6% year-on-year [8] - The average daily usage time per user was 129.5 minutes, indicating a 4.0% increase from the previous quarter [8] Management Confidence - The company plans to repurchase up to 16 billion HKD of its shares over the next 36 months, reflecting management's confidence in the company's future performance [8]