24Q3 公司实现DAU 为 4.08 亿（yoy+5.4%），MAU 为 7.14 亿（yoy+4.3%），日活用户日均使用时长达132.2min，用户总使用时长yoy+7.3%。受季节性影响，四季度日活或将有所跌落，整体看流量端依然维持健康发展，持续催化电商广告等核心业务。Q3 电商业务GMV 为3342 亿元（yoy +15.1%），主要得益于多个战略性新商策略，新入驻商家数量同比增长超30.0%。电商月活跃买家数为1.33 亿（yoy +12.2%），在二季度旺季的基础上环比持续提升。24Q3 results
In 24Q3, the company's revenue was 31.1 billion yuan, yoy +11.4%, revenue was in line with expectations (31.1 billion vs. 31 billionconsensus); adjusted net profit was 3.95 billion yuan, yoy +24.4%, and profit measurement performance slightly exceeded expectations (3.95 billion vs. 3.91 billionconsensus).
DAU hits record high, catalyzing healthy e-commerce GMV growth
24Q3 achieved DAU of 0.408 billion (yoy +5.4%) and MAU of 0.714 billion (yoy +4.3%). Daily active users spent 132.2 minutes per day, and total user usage time yoy +7.3%. Due to seasonal effects, daily activity may decline somewhat in the fourth quarter. Overall, the traffic side will maintain healthy development and continue to catalyze core businesses such as e-commerce advertising. The GMV for the Q3 e-commerce business was 334.2 billion yuan (yoy +15.1%), mainly due to multiple strategic new business strategies, and the number of new merchants entered increased by more than 30.0% year on year. The number of monthly active e-commerce buyers was 0.133 billion (yoy +12.2%), which continued to increase from the peak season in the second quarter.
Advertisements drive marketing business growth
In 24Q3, online marketing revenue was 17.63 billion yuan, yoy +20.0%, which was basically in line with expectations (17.63 billion vs 17.64 billion consensus). The main driving force of the business was external circulation marketing customers, which accelerated the implementation of the In-Apps Ads skit model, thereby expanding the number of paying users. The company's fully automated delivery solution effectively leverages the investment budget through differentiated delivery plans, and the solution penetration rate reached 50%.
Investment advice
The company's total revenue for 24-26 is estimated to be 127.29/141.41/155.69 billion yuan (previous value was 127.06/139.83/152.17 billion yuan); the company's NON-GAAP net profit margin for 24-26 is 17.64/22.67/27.83 billion yuan (previous value was 17.58/23.6/30.21 billion yuan), maintaining a “buy” rating.
Risk warning
The growth rate of advertising and e-commerce fell short of expectations; the competitive landscape of the industry deteriorated; the risk of the international situation; overseas business losses fell short of expectations, etc.