20230523-招银国际-快手-W-01024.HK-More_bullish_on_2Q23E_momentum_7页_906kb

Kuaishou Technology's (1024 HK) Q1 2023 results showed strong performance with revenue up 20% YoY and the company turning profitable for the first time, exceeding consensus. Key factors include resilient livestreaming, recovering ads, and ecommerce growth. For 2023E, revenue is forecasted to grow 20.5% YoY, driven by livestreaming and ecommerce segments. Maintaining a "BUY" rating with an increased target price to HK$97 from HK$94, reflecting better margins and stronger momentum. Key catalysts are strong Q2 2023E results and the upcoming shopping mall launch. Financial highlights include higher gross margins and adjusted net profit forecasts.

The report analyzes Q1 performance, quarterly trends in DAU, GMV, and margins, with financial data showing improvement in operating metrics. Analyst certification and disclosures emphasize risks and conflicts of interest, noting the report is for informational purposes only and not investment advice.