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易点天下：出海营销服务商，有望持续受益于出海及AI浪潮
301171ECLICKTECH(301171) 东吴证券·2024-06-30 05:30

Investment Rating - Buy (First Coverage) [5][23] Core Views - The company is expected to benefit from the wave of Chinese enterprises going global, particularly in the e-commerce and gaming sectors, which rely heavily on online advertising for promotion [1][5] - The global marketing service market for enterprises going overseas is projected to reach 51.1billionby2025,andthecompany,asadeepplayerinthisfield,iswell−positionedtocapitalizeonthisgrowth[1][5]−Thecompany′sself−developedAIGCdigitalmarketingplatform,KreadoAI,isexpectedtodrivecostreductionandefficiencyimprovementforoverseasenterprises,contributingtofuturerevenuegrowth[32][55]BusinessOverview−ThecompanyprimarilyservesChineseenterprisesgoingglobal,offeringcomprehensivemarketingsolutionsacrossindustriessuchase−commerce,gaming,andapplications[71][114]−Itsmainbusinesssegmentsincludeperformanceadvertisingservicesandheadmediaaccountmanagementservices,withperformanceadvertisingcontributingthemajorityofprofits[76][124]−Thecompanyhasastrongpresenceinbothheadandlong−tailmedia,cateringtodiversemarketingneedsofadvertisers[2][133]FinancialPerformance−RevenueisexpectedtogrowfromRMB2.55billionin2024toRMB3.30billionin2026,withaCAGRof13.651.1 billion by 2025, and the company, as a deep player in this field, is well-positioned to capitalize on this growth [1][5] - The company's self-developed AIGC digital marketing platform, Kreado AI, is expected to drive cost reduction and efficiency improvement for overseas enterprises, contributing to future revenue growth [32][55] Business Overview - The company primarily serves Chinese enterprises going global, offering comprehensive marketing solutions across industries such as e-commerce, gaming, and applications [71][114] - Its main business segments include performance advertising services and head media account management services, with performance advertising contributing the majority of profits [76][124] - The company has a strong presence in both head and long-tail media, catering to diverse marketing needs of advertisers [2][133] Financial Performance - Revenue is expected to grow from RMB 2.55 billion in 2024 to RMB 3.30 billion in 2026, with a CAGR of 13.6% [2][23] - Net profit attributable to shareholders is forecasted to increase from RMB 286 million in 2024 to RMB 413 million in 2026, with a CAGR of 20.1% [2][23] - Gross margin is projected to improve from 24.4% in 2023 to 25.4% in 2026, driven by technological advancements and the adoption of programmatic advertising [60][124] Competitive Advantages - The company differentiates itself from traditional marketing intermediaries by taking responsibility for advertising performance, using a CPA (Cost Per Action) model to settle with advertisers [127][134] - Its self-developed programmatic advertising platforms, zMaticoo and Yeahgrowth, enable precise matching of ad orders with long-tail media channels, resulting in higher profitability [163][165] - The company's strong data and technology capabilities, including its AIGC platform Kreado AI, provide a competitive edge in the market [39][55] Industry Trends - The global programmatic advertising market is growing rapidly, with expenditures increasing from 18.8 billion in 2017 to $41.8 billion in 2021, and is expected to continue expanding [49][165] - Chinese enterprises, particularly in e-commerce and gaming, are increasingly going global, creating significant opportunities for overseas marketing services [1][98] - The adoption of AI in marketing is accelerating, with AIGC expected to enhance content production efficiency and provide more value-added services for advertisers [166][55] Future Outlook - The company is expected to maintain steady growth in its performance advertising business, with revenue projected to increase by 20% in 2024 and 15% in 2025 [59][61] - The continued development of its Kreado AI platform and the expansion of its programmatic advertising capabilities are expected to drive long-term profitability [55][163] - The company is well-positioned to capture a larger share of the overseas marketing market as more Chinese enterprises seek growth opportunities abroad [122][170]