baccarat3patti| [Broker Focus] Minsheng Securities maintains its fast hand (01024)"recommended" rating, indicating that its profit release continues to exceed expectations

editor2024-05-27 12:57:228Family

Jinwu Caixun| Minsheng Securities Development Research Indexbaccarat3patti, Quick Hand (01024)24Q1 performance displaybaccarat3patti, 24Q1 total revenue is 29.4 billion yuan (RMB, the same below), yoy+16baccarat3patti.6%; net profit was 4.1 billion yuan, turning losses into profits year-on-year; adjusted net profit was 4.4 billion yuan, year-on-year +10,347baccarat3patti.6%。

The bank pointed out that on 24Q1, the company achieved a gross profit margin of 54.8%, yoy+8.4pct and qoq+1.7pct. The year-on-year increase was mainly due to 1) the increase in the proportion of online marketing + e-commerce revenue with strong profitability;2) the continuous optimization of the revenue sharing cost of live broadcast business;3) the end of optimization to improve usage efficiency, and the proportion of bandwidth and server costs decreased. Driven by the two-wheel drive of increased gross profit margin + improved expense ratio, the company's net profit was 4.1 billion yuan, and the net interest rate was 14.0%. The adjusted net profit was 4.4 billion yuan, and the adjusted net interest rate was 14.9%. The profit side exceeded expectations.

baccarat3patti| [Broker Focus] Minsheng Securities maintains its fast hand (01024)"recommended" rating, indicating that its profit release continues to exceed expectations

The bank said that the company's commercialization process is advancing and profit releases continue to exceed expectations. The company announced a new round of share repurchase plan: the company can repurchase Class B ordinary shares with a value of no more than HK$16 billion in the next 36 months until the end of the annual general meeting to be held in 2027. The bank expects the company's Non-IFRS net profit in 2024/2025/2026 to be 17.8 billion yuan/22.1 billion yuan/25.7 billion yuan respectively. Based on the stock price on May 22, 2024, the corresponding PEs are 13X/11X/9X respectively. Maintain a "Recommended" rating.