China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Blue Lotus Non US Internet research, Blue Lotus Research Institute

Ying Pan

Blue Lotus Non US Internet research

Equity Bottom-Up

<ul>
<li>Kuaishou reported C4Q24 revenue, IFRS operating profit, and IFRS net income slightly below our estimates and consensus. Margin outperformed.</li>
<li>Advertising and e-commerce revenue growth temporarily slowed from due to Kuaishou’s offering traffic subsidies to the internal merchants, reducing incentive to advertise, but will translate to revenues later;</li>
<li>We cut TP from HK$72 to HK$70 to reflect lowered margin outlook due to AI-related capex and R&amp;D expenses</li>
</ul>


Kuaishou reported C4Q24 revenue, IFRS operating profit, and IFRS net income slightly below our estimates and consensus. Margin outperformed.
Advertising and e-commerce revenue growth temporarily slowed from due to Kuaishou’s offering traffic subsidies to the internal merchants, reducing incentive to advertise, but will translate to revenues later;
We cut TP from HK$72 to HK$70 to reflect lowered margin outlook due to AI-related capex and R&amp;D expenses


[Kuaishou (1024 HK, BUY, TP HK$70) TP Change]: C4Q24 Review: Temporary Setback a Chance to Buy

Kuaishou Technology

[Kuaishou (1024 HK, BUY, TP HK$70) TP Change]: C4Q24 Review: Temporary Setback a Chance to Buy