Unity Software Inc：利润优于预期，广告业务仍待复苏

Investment Rating - The report maintains a "Buy" rating for Unity (U.US) with a target price adjusted to $20, reflecting a potential upside of 29$15.54 [3][5]. Core Insights - Unity's Q2 2024 revenue reached $449 million, aligning with expectations, while strategic segment revenue was$426 million, and adjusted EBITDA was $113 million, both exceeding prior guidance. However, the company has lowered its full-year guidance for 2024 due to cautious outlook on the recovery of its Grow business and increased investments [2][3]. - The Create Solutions segment showed stable growth with Q2 revenue of$129 million, a 4% year-over-year increase, driven by a 14% rise in subscription revenue. The upcoming release of Unity 6 is anticipated to be a growth driver for the company [2][3]. - The Grow Solutions segment continues to face challenges, with Q2 revenue of $296 million, a 9$1.763 billion, down from previous guidance of $1.760-$1.800 billion, reflecting a year-over-year decline of 2%-3%. Adjusted EBITDA is expected to be between $340 million and$350 million, down from earlier estimates of $400 million to$425 million [3][4]. - The forecasted financial metrics include a revenue increase from $1.391 billion in FY 2022 to$1.763 billion in FY 2024, with adjusted EBITDA improving from a loss of $71 million in FY 2022 to a projected$405 million in FY 2025 [4][8]. - The report highlights a significant decline in net profit projections, with expected losses of $737 million in FY 2024 and$474 million in FY 2025, indicating ongoing challenges in profitability [8][9].