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]
汇量科技：港股公司信息更新报告：Mintegral仍为增长引擎，多垂类战略彰显成效