Jinwu Financial News | According to Dongwu Securities Research, Kuaishou-W (01024) 24Q3 revenue was 31.13 billion yuan, yoy +11.4%, in line with consistent expectations. Adjusted net profit was 3.948 billion yuan, yoy +24.4%, in line with consistent expectations. The adjusted net profit margin was 12.7%, yoy+1.3pct, in line with consistent expectations.
According to the bank, Q3 continues to deepen the integration and application of large models in content generation, content understanding, and recommendation: AIGC marketing materials from marketing customers consume more than RMB 20 million per day; Keling AI has cumulatively generated more than 51 million videos and more than 0.15 billion images. In September, MAU exceeded 1.5 million, and the user retention rate gradually increased. The bank expects AI to empower the company's content ecosystem, drive traffic growth, and systematically improve monetization efficiency.
The bank said that the company's performance is in line with the forecast, but considering that consumption is still uncertain, the bank adjusted the company's 2024-2026 adjusted net profit from 17.5/24.2/31.6 billion yuan to 17.6/22/26.2 billion yuan, corresponding to PE of 10/8/7x, maintaining a “buy” rating.
