Glonghui, May 23 | Jefferies published a research report showing that Kuaishou's total revenue for the first quarter of fiscal year 2024 increased by about 16.6% year-on-year, higher than the market and 1.3% and 1.4%, respectively. Gross margin increased 8.4 percentage points year-on-year to 54.8%, higher than the bank's forecast of 52.2%. Non-IFRS net profit was $4.39 billion, higher than the market and the bank's expectations of $3.2 billion and $3.12 billion respectively. The average number of daily active users increased by 5.2% year-on-year to around 394 million, higher than the bank's forecast of 390 million. Kuaishou announced a HK$16 billion share repurchase plan yesterday. The bank believes that the relevant repurchase plan reflects the company's confidence in its prospects. Jefferies also anticipates that Kuaishou's total revenue for the second quarter of this year will increase by about 10% year-on-year, e-commerce GMV will increase 25% year-on-year; gross margin will increase by 4 percentage points to about 54% year-on-year; and non-IFRS net profit will be about 4.4 billion yuan. On a full-year basis, the bank predicts Kuaishou's non-IFRS net profit for the 2024 fiscal year to reach 17 billion yuan (originally 16 billion yuan). Jefferies raised Kuaishou's target price from HK$78 to HK$83, maintaining a “buy” rating.