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Kuaishou Technology (1024 HK) 2024Q2業績點評：GMV增長放緩，利潤率穩健提升 24Q2E review: GMV growth slowed but profit margin expanded TP:HKD68.00 BUY (maintain) 投資要點/Investment Thesis 投资要点/Investment Thesis 24Q2業績要點：利潤端均超預期，降本增效成果顯著 公司公佈24Q2業績。2024Q2公司實現營業收入309.8億元，同比增長11.6%，超彭博一致預期；Non-IFRS經調整淨利潤約46.8億元，超彭博一致預期，利潤持續釋放。 24Q2E: better-than-expected profit on rigorous cost control and efficiency efforts Key metrics: Kuaishou’s unaudited 24Q2E results report shows: •Revenue: RMB30.98bn, up 11.6% yoy, better than the Bloomberg consensus estimate (BBG). •Adjusted non-IFRS net profit: RMB4.68bn (above BBG) on a stable profit trend. 24Q2公司毛利率同環比均實現提升 ，主要系公司收入結構改善及公司帶寬費用和服務器成本佔比有所下降；24Q2公司銷售費
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