Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company achieved a revenue of USD 638 million in H1 2024, representing a year-on-year increase of 26.1%. The adjusted net profit was USD 11.84 million, up 32.4% year-on-year, and adjusted EBITDA was USD 62.88 million, reflecting a 21.4% increase year-on-year. The growth is primarily driven by the advertising technology business centered around Mintegral [4][5] - The company maintains its profit forecast for 2024-2026, expecting net profits of USD 40 million, USD 72 million, and USD 88 million for the respective years, with corresponding EPS of USD 0.03, USD 0.05, and USD 0.06. The current stock price corresponds to P/E ratios of 8.0, 4.4, and 3.6 for the years 2024, 2025, and 2026 respectively [4][6] Revenue and Profit Growth - In H1 2024, the advertising technology business generated USD 630 million in revenue, accounting for 98.6% of total revenue, with a gross margin of 19.7%. Programmatic advertising revenue from Mintegral was USD 604 million, up 29% year-on-year, while non-programmatic advertising revenue decreased by 16.4% [5][6] - The marketing technology business generated USD 8.7 million in revenue, with a gross margin of 78.9% [5] Strategic Developments - The company is focusing on platform scale growth and multi-vertical expansion as mid-term strategic goals. Non-gaming category revenue reached USD 167 million in H1 2024, up 80.2% year-on-year, indicating the effectiveness of the multi-vertical expansion strategy [6] - In July 2024, Mintegral launched a new Target-CPE feature for event-based ad optimization, enhancing algorithm capabilities and innovative ad strategies, which is expected to further drive revenue growth [6] Financial Projections - The company projects revenue growth from USD 1.054 billion in 2023 to USD 1.617 billion in 2026, with a compound annual growth rate (CAGR) of 20.1% [7] - Net profit is expected to grow from USD 22 million in 2023 to USD 88 million in 2026, with a significant increase in net profit margin from 2.1% to 5.5% over the same period [7]

Financial Performance - Revenue for the six months ended June 30, 2024, reached $638.287 million, a 26.1% increase compared to $506.133 million in the same period of 2023[2] - Net income for the same period was $166.536 million, reflecting a 22.1% growth from $136.365 million year-over-year[2] - Gross profit increased to $131.201 million, up 27.4% from $102.960 million in the previous year[2] - Adjusted EBITDA for the period was $62.881 million, representing a 21.4% increase from $51.802 million in 2023[2] - The company has achieved profitability for seven consecutive quarters since Q4 2022, with revenue continuing to rise quarter-over-quarter in 2023 and into the first half of 2024[41] - In 2023, Mintegral's revenue increased by 29.0% year-over-year, while non-programmatic advertising revenue decreased by 16.4%, yet the advertising technology business net income grew by 22.3%[42] - The company recorded a profit attributable to equity holders of $9.3 million, down from $10.2 million in the same period last year[89] - The net profit for the six months ended June 30, 2024, was $7.337 million, down from $8.522 million in 2023, indicating a decrease of about 14%[108] - The basic earnings per share for the period was $0.61, compared to $0.66 in the same period last year[108] Advertising Technology - The Ad-tech segment, centered around Mintegral, accounts for over 90% of the company's net revenue, while the Mar-tech segment is still in the early stages of product development[20] - The Ad-tech segment generated $629.6 million in revenue, accounting for 98.6% of total revenue, with a year-on-year growth of 26.2%[64] - Programmatic advertising revenue was $603.7 million, making up 95.9% of Ad-tech revenue, with a 29.0% increase compared to the previous year[67] - The company aims to integrate its Ad-tech and Mar-tech capabilities to create a comprehensive product matrix covering various stages of developer growth[19] - The company has invested heavily in building a smart bidding system since the second half of 2021 to enhance its algorithm capabilities[12] - The Target ROAS smart bidding feature launched in May 2023 has contributed over 60% of Mintegral's total revenue in the first half of 2024[42] - The Mintegral platform processes over 200 billion daily ad requests, serving more than 10,000 global top advertisers and 100,000 leading apps[18] Market Trends - The global mobile advertising expenditure reached $362 billion in 2023, with an expected growth to over $400 billion in 2024, indicating a compound annual growth rate (CAGR) of 16.2% from 2019 to 2024[9] - The trend of hybrid monetization is becoming mainstream among top mobile games, requiring higher demands on advertising algorithms[12] - The trend of Chinese companies expanding overseas is expected to see marketing expenditures surpassing $50 billion by 2025, indicating a robust growth trajectory[10] - The advertising market in Europe and the US is showing resilience, with major platforms like Google and Meta continuing to perform well, contributing to a stable upward trend in the overall advertising market[5] Customer Base and Global Presence - Mintegral's main customers are in the gaming sector, accounting for 72.2% of total revenue, while non-gaming sectors increased from 19.9% in H1 2023 to 27.8%[26] - Over 97% of devices reached by Mintegral are from overseas regions, indicating a strong international presence[27] - Mintegral operates in approximately 130 countries, showcasing its global customer distribution[25] - Currently, 40% of the company's clients are from China, while 97% of traffic originates from overseas markets, indicating a strong global presence[49] Research and Development - The company has a strong R&D team with expertise from top universities and experience from leading tech firms, enhancing its technological capabilities[32] - Capitalized R&D expenses combined with expensed R&D expenses totaled $96.7 million, a 21.2% increase compared to the same period last year[81] - The increase in expensed R&D was 49.4% year-on-year, reaching $62.8 million, mainly due to the development of an intelligent bidding system[81] Financial Position - The company's total assets as of June 30, 2024, amounted to $745.0 million, an increase from $691.6 million as of December 31, 2023[93] - The total liabilities were $505.8 million as of June 30, 2024, compared to $432.4 million as of December 31, 2023, resulting in a debt-to-asset ratio of 67.9%[93] - Cash and cash equivalents decreased to $84.0 million as of June 30, 2024, down from $146.3 million as of December 31, 2023[94] - The company reported a net current liability of $71,176,000, raising concerns about its ability to continue as a going concern[114] Strategic Goals - The company aims to expand its platform scale and diversify its offerings as part of its mid-term strategic goals[70] - Mintegral aims to become a Growth Hub for small and medium developers, focusing on addressing their globalization challenges and enhancing their market penetration[43] - The company is committed to a globalization strategy, actively expanding its market share in the Asia-Pacific, EMEA, and Americas regions[50] Legal and Regulatory Matters - The company reached a settlement agreement with a shareholder (Seller A) regarding the acquisition of an 18.56% stake in Beijing Hot Cloud Technology, agreeing to pay a total of $25,684,000, which includes $23,512,000 as settlement and $2,172,000 in related costs[139] - The company is currently involved in an ongoing dispute with another shareholder (Seller B) regarding a 15.30% stake in Beijing Hot Cloud Technology, with a court ruling requiring the company to pay approximately $32,249,000 plus additional penalties and fees[140] - The company has applied to the National Development and Reform Commission (NDRC) for a security review related to the acquisition of Beijing Hot Cloud Technology, which is currently under review[140]

Investment Rating - Buy rating maintained for the company [3][4] Core Views - Mintegral contributes to revenue growth, with six consecutive quarters of profitability, supporting the Buy rating [4][5] - The company achieved record-high revenue and profits in 2024Q1, with revenue of USD 301 million (YoY +23.3%, QoQ +8.2%) and adjusted net profit of USD 8.868 million (YoY +96.6%, QoQ +45.0%) [5] - Mintegral's revenue reached USD 284 million (YoY +25.4%, QoQ +10.3%), accounting for 94.1% of total revenue [5] - The company is expected to achieve net profits of USD 40/72/88 million for 2024-2026, with EPS of USD 0.03/0.05/0.06, and PE ratios of 16.8/9.3/7.6x [5] Financial Summary and Valuation Metrics - 2024Q1 revenue: USD 301 million (YoY +23.3%, QoQ +8.2%) [5] - 2024Q1 adjusted EBITDA: USD 30.697 million (YoY +17.7%, QoQ +2.7%) [5] - 2024Q1 gross margin: 20.5% (YoY +1.3 pct) [6] - 2024Q1 net margin: 2.35% (YoY +1.0 pct) [6] - 2024-2026 revenue forecast: USD 1.266/1.456/1.617 billion, with YoY growth of 20.1%/15.0%/11.1% [7] - 2024-2026 net profit forecast: USD 40/72/88 million, with YoY growth of 83.3%/80.7%/22.2% [7] Business Highlights - Mintegral's non-gaming revenue reached USD 80.8 million (YoY +83.2%, QoQ +8.8%), accounting for 28.5% of Mintegral's total revenue (YoY +9.0 pct) [5] - Gaming revenue remained the core, contributing USD 203 million (YoY +11.4%, QoQ +10.9%), accounting for 71.5% of Mintegral's total revenue [5] - E-commerce and mid-to-hardcore gaming clients are expected to drive Mintegral's growth [5] - The company increased R&D investment in ROAS, with R&D expenses reaching USD 29.52 million (YoY +57.8%) [6] Industry Insights - Mid-to-hardcore games accounted for 59% of the global mobile gaming market in 2023, indicating potential for further growth in this segment [5]

传媒/广告营销 公 司 研 汇量科技（01860.HK） 2024Q1 业绩创新高，技术赋能商业化空间打开 究 2024年05月23日 ——港股公司信息更新报告 投资评级：买入（维持） 方光照（分析师） 田鹏（分析师） fangguangzhao@kysec.cn tianpeng@kysec.cn 日期 2024/5/22 证 书编号：S0790520030004 证书编号：S0790523090001 港 当前股价(港元) 3.290  Mintegral贡献收入增量，连续六个季度盈利，维持“买入”评级 股 一年最高最低(港元) 4.060/2.410 公司 2024Q1 实现营业收入 3.01 亿美元（同比+23.3%，环比+8.2%）；实现经调 公 司 总市值(亿港元) 52.34 整利润净额886.8万美元（同比+96.6%，环比+45.0%）；经调整EBITDA为3069.7 信 流通市值(亿港元) 52.34 万美元（同比+17.7%，环比+2.7%）。公司程序化广告平台 Mintegral 的收入为 息 总股本(亿股) 15.91 2.84亿美元（同比+25.4%，环比+10.3%），占收入 ...

Investment Rating - The report maintains a "BUY" rating for Mobvista Inc. with a target price of HK$6.00, indicating a potential upside of 92.9% from the current price of HK$3.11 [2][4]. Core Insights - Mobvista reported strong 1Q24 results with revenue and adjusted net profit increasing by 23% and 97% year-over-year, respectively. The non-gaming business revenue contribution rose to 29% in 1Q24 from 19.5% in 1Q23 [2]. - The upgraded smart bidding system has significantly improved revenue growth, particularly in the Mintegral platform, which saw a revenue increase of 25.4% year-over-year in 1Q24 [2]. - A settlement agreement regarding Reyun transactions has eased previous overhangs, allowing investors to focus on Mobvista's organic growth and profitability improvements [2]. Summary by Sections Earnings Summary - Mobvista's revenue for 1Q24 was US$301.5 million, reflecting a 23% increase year-over-year. The adjusted net profit surged to US$8.9 million, a 97% increase compared to the previous year [2][8]. - The gross profit margin reached 20.5%, up 1.3 percentage points year-over-year, driven by higher advertising efficiency and controlled costs in the mar-tech business [2][8]. Revenue Breakdown - The adtech/mar-tech segment reported revenue growth of 23% and 19% year-over-year, with programmatic advertising growing by 25% [2][9]. - Non-gaming revenue share increased significantly, with e-commerce and social media being key growth drivers [2][10]. Financial Forecasts - The report forecasts revenue growth of 20% year-over-year for FY24E, with adjusted net profit expected to grow by 91% [2][11]. - The financial outlook for FY24E includes projected revenue of US$1.265 billion and adjusted net profit of US$37 million [13][15]. Valuation - The report employs a sum-of-the-parts (SOTP) valuation method, assigning a 20x FY24E P/E to the ad-tech business and a 3.0x FY24E P/S to the mar-tech business, leading to a total equity value of HK$6.00 per share [12][2].

2024 年 5 月 20 日 CMB 国际全球市场 | 股票研究 | 公司更新 Mvagista Inc. （ 1860 香港 ） 第 1 季度稳健 ， 盈利能力增强 目标价 6.00 港元 在升级的智能招标系统的支持下，Mvagsta 实现了强劲的季度业绩，收入 / 调整。第一季度净 涨 / 跌 92.9% 利润同比增长 23% / 97% 。它的垂直扩展努力 (例如Procedre电子商务和社交媒体 ） 继续取 现价 3.11 港元中国娱乐 得成果，第 1 季度非游戏业务收入贡献高达 29% （ 与2013 年第一季度 19.5% ） 。智能招标 产品贡献了 Mitegral 收入的 60% 以上。随着为 Rey 交易签署的和解协议缓解了悬空，我们建 苏菲黄 议投资者重新关注其基本面的有机改善。我们对 FY24E 的整体势头 （ 预测同比增长 20% ） (852) 3900 0889 和盈利增长 （ 同比增长 91% ） 保持乐观。维持买入，盈利预测不变，TP 为 6.0 港元。  第 1 季度稳健 ， 利润率持续扩张Mobvista 报告了强劲的第 1 季度业绩，同比增长 23% 库存数据 ，比我 ...

Investment Rating - The report maintains a "Buy" rating for Mobvista (1860 HK) with a target price of HKD 6 2 [1][3][5] Core Views - Mobvista delivered strong Q1 2024 results with revenue reaching $301 million, up 23 3% YoY, and net profit surging 1 2x YoY to $7 154 million, both hitting record highs [1][2] - The programmatic advertising platform Mintegral remains the primary growth driver, contributing $284 million in Q1 revenue, up 25 4% YoY, with its smart bidding products accounting for over 60% of Mintegral's revenue [2] - Non-gaming revenue grew significantly by 83 2% YoY to $81 million in Q1, driven by expansion into higher-margin mid-core and hardcore games as well as non-gaming verticals like e-commerce and social [2] - Gross margin improved by 1 3pp YoY to 20 5% in Q1, supported by higher margins in both advertising technology (up 1 4pp to 19 7%) and marketing technology (up 2 6pp to 79 3%) [2] - R&D expenses increased by 57 8% YoY to $30 million in Q1, reflecting investments in smart bidding systems and model training [2] - The company has achieved six consecutive quarters of profitability since Q4 2022, with operating leverage continuing to expand [2] Industry Analysis - The EU's Digital Markets Act (DMA), effective March 6, 2024, is expected to foster a more competitive digital advertising market by regulating "gatekeeper" platforms, creating opportunities for smaller players like Mobvista [3] - The DMA is likely to encourage innovation and provide advertisers with more compliant and effective ways to reach target audiences, benefiting companies with advanced advertising technologies [3] Financial Projections - Revenue is projected to grow from $1 2655 billion in 2024E to $1 8721 billion in 2026E, with a CAGR of 18 5% [4][9] - Net profit is expected to increase from $39 1 million in 2024E to $82 7 million in 2026E, with a CAGR of 31 2% [4][9] - Gross margin is forecasted to rise steadily from 20 8% in 2024E to 21 0% in 2026E [4][12] - ROE is projected to improve from 8 2% in 2024E to 13 3% in 2026E, reflecting stronger profitability and efficiency [12]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，亦明確表示，概不對因本公告全部或任何部分內容而產生或 因依賴該等內容而引致的任何損失承擔任何責任。 Mobvista Mobvista Inc. 匯量科技有限公司 （股份代號：1860） （於開曼群島註冊成立的有限公司） 截至二零二四年三月三十一日止三個月業績公告 | --- | --- | --- | --- | --- | --- | --- | |---------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------- ...

2023 年 報 ( ) 2023 ANNUAL REPORT 目錄 | | | 3 五年財務概要 4 財務摘要 5 致股東的信 7 業績回顧 34 管理層討論及分析 56 董事及高級管理層資料 60 董事會報告 92 企業管治報告 110 獨立核數師報告 117 綜合損益表 118 綜合損益及其他全面收益表 119 綜合財務狀況表 121 綜合權益變動表 123 綜合現金流量表 125 綜合財務報表附註 205 釋義 公司資料 董事會 執行董事 段威先生 （主席） 曹曉歡先生 （首席執行官） 方子愷先生 宋笑飛先生 非執行董事 黃德煒先生 獨立非執行董事 孫洪斌先生 張可玲女士 黃家輝先生 公司秘書 李謝珮珊女士 授權代表 曹曉歡先生 李謝珮珊女士 審核委員會 孫洪斌先生 （主席） 張可玲女士 黃家輝先生 薪酬委員會 黃家輝先生 （主席） 曹曉歡先生 張可玲女士 提名委員會 段威先生 （主席） 張可玲女士 黃家輝先生 執業會計師 畢馬威會計師事務所 於《會計及財務匯報局條例》下的 註冊公衆利益實體核數師 香港 中環 遮打道10號 太子大廈8樓 總部 16 Collyer Quay Income@Raffle ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][4]. Core Insights - The company has shown significant profit improvement, driven by a global and multi-vertical strategy that supports long-term growth [4][5]. - In 2023, the company's revenue reached $1.054 billion, a year-on-year increase of 17.85%, while net profit was $18.588 million, up 82.41% year-on-year [4]. - The adjusted EBITDA for the company was $105 million, reflecting a substantial year-on-year growth of 191.32% [4]. - The advertising technology segment generated a profit of $51.11 million, while the marketing technology segment reported a loss of $19.89 million [4]. - The company has optimized its cost structure, reducing server costs from 9% to 5% and achieving a gross margin increase of 0.8 percentage points to 20.6% in 2023 [6]. Financial Performance Summary - Revenue (in million USD): - 2022: 894 - 2023: 1,054 - 2024E: 1,266 - 2025E: 1,456 - 2026E: 1,617 - Year-on-Year Growth (YOY%): - 2023: 17.9% - 2024E: 20.1% - 2025E: 15.0% - 2026E: 11.1% [7]. - Net Profit (in million USD): - 2022: 15 - 2023: 22 - 2024E: 40 - 2025E: 72 - 2026E: 88 - Gross Margin (%): - 2022: 19.8 - 2023: 20.6 - 2024E: 20.9 - 2025E: 21.4 - 2026E: 21.4 [7]. Strategic Developments - The company has successfully expanded into new markets in Europe, America, and emerging Asian markets, focusing on small and medium developers [5]. - The number of applications integrated with Mintegral SDK has increased fourfold compared to early 2022, with a significant portion coming from small and medium developers [5]. - The revenue share from mid-to-heavy games has increased by 8 percentage points to 29% by the end of 2023 [5]. - The company plans to continue expanding its client base in mid-to-heavy games and e-commerce while maintaining its global strategy to capture overseas opportunities [5]. Cost Optimization and Share Buyback - The company has implemented cost optimization strategies, including workforce reduction and new product development, leading to a 23.1% decrease in sales expenses to $5.1 million and an 11.8% decrease in R&D expenses to $9.4 million [6]. - The company plans to increase its share buyback program by an additional HKD 80 million, bringing the total to HKD 250 million, reflecting confidence in its growth prospects [6].