According to the smart finance app, Zhao Yin International has released a research report stating that it maintains a "buy" rating on Kuaishou Holdings Limited (01024) with a target price of HK$92. The company's current 2024 fiscal year forecast non-GAAP PE ratio of 8 times is quite attractive; advertising and e-commerce businesses continue to maintain income growth faster than the industry, while leveraging effects drive strong profit growth.

The report points out that Kuaishou's user ecosystem is developing in a healthy manner, and the company will drive ecological growth through three aspects: increasing activity, improving user retention, and enhancing synergy between content and commercialization. In the future, the company will also continue to strengthen its e-commerce strategy of "good content + good products". On the commercial side, the internal circulation advertising commercialization efficiency continues to improve, and the external circulation advertising benefits from the incremental demand in industries such as short dramas, mini-games, and novels, maintaining resilience growth. On the financial side, thanks to the optimization of gross margin and sales expense ratio, the company's adjusted net profit margin is expected to increase to over 20% in the future.