Gelonghui on November 22nd | Jefferies International published a research report stating that Kuaishou's third-quarter revenue increased by 11% year-on-year, with a profit growth of 24%, and gross merchandise volume (GMV) increased by 15%, in line with expectations. Management pointed out that during the November 11 shopping festival-related period, the GMV performance of e-commerce was strong, which should drive the fourth-quarter GMV growth of the company to meet the bank's expected growth of 14%. The bank expects the company's fourth-quarter revenue to increase by 10% year-on-year, with advertising and other revenue increasing by 25% and 19% respectively. The gross margin is expected to rise by 1 percentage point year-on-year to 54.1%. Adjusted net income is expected to increase by 7% year-on-year to 4.66 billion yuan, with a quarterly net income margin expected to be 13%. The bank has raised this year's profit forecast by 2.7% to reflect lower taxes in the fourth quarter, while forecasts for 2025 to 2026 remain largely unchanged, with a target price of 66 Hong Kong dollars and a rating of 'outperform'.