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【券商聚焦】兴业证券维持快手-W(01024)“买入”评级 电商业务持续高增长

[Broker Focus] Societe Generale Securities maintains Kuaishou-W (01024) “buy” rating, e-commerce business continues to grow at a high level

金吾資訊 ·  12/01/2023 15:10

According to the Societe Generale Securities Report, Kuaishou-W (01024) 23Q3 achieved revenue of 27.948 billion yuan (YoY +20.8%), slightly exceeding the unanimous forecast of 27.708 billion yuan, adjusted net profit of 3.173 billion yuan, better than Bloomberg's unanimous estimate of 2.66 billion yuan. The adjusted net loss for the same period last year was 672 million yuan, and the adjusted net interest rate was 11.4%. The results of cost reduction and efficiency were remarkable.

The proportion of GMV contributed by the 23Q3 backbone and long-tailed experts gradually increased from over 20% in early 2021 to nearly 50% of the total talent GMV in the current quarter; continued to improve the quality and conversion efficiency of short video e-commerce content, promoted a more than doubled year-on-year growth in short video GMV, and achieved a continuous increase for five consecutive quarters.

According to the bank, the company's third-quarter results were in line with expectations, losses in overseas business narrowed further, advertising and e-commerce businesses grew strongly, and R&D implementation of new businesses and major models continued to make progress. As the revenue structure is optimized and refined operations continue to advance, Kuaishou's overall profitability is expected to gradually increase. Maintaining the company's “buy” rating, it is predicted that the company's adjusted net profit for FY2023-2025 will be $861/175.4/$25.96 billion, respectively, with a target price of HK$92.85 for 24 years.

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