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汇量科技：港股公司信息更新报告：Mintegral收入加速扩张，AI赋能飞轮增长
01860MOBVISTA(01860) 开源证券·2024-11-18 10:10

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has experienced rapid revenue and profit growth in Q3 2024, driven by technological innovation and customer acquisition, leading to a maintained "Buy" rating [2] - The revenue for the first three quarters of 2024 reached 1.055billion,ayear−on−yearincreaseof36.01.055 billion, a year-on-year increase of 36.0%, with adjusted net profit of 19.164 million, up 37.4% year-on-year [2] - In Q3 2024, the company achieved revenue of 416million,ayear−on−yearincreaseof54.6416 million, a year-on-year increase of 54.6% and a quarter-on-quarter increase of 23.6%, with adjusted net profit of 10.668 million, up 162.4% year-on-year [2] Revenue and Profitability Summary - The programmatic advertising platform Mintegral saw accelerated revenue growth, achieving 403millioninQ32024,ayear−on−yearincreaseof57.6403 million in Q3 2024, a year-on-year increase of 57.6% and a quarter-on-quarter increase of 25.7% [3] - The gaming category generated 295 million in revenue in Q3 2024, a year-on-year increase of 46.5%, while non-gaming categories reached 108million,up98.5108 million, up 98.5% year-on-year [3] - The gross margin for Q3 2024 was 21.1%, an increase of 0.5 percentage points year-on-year, and the net profit margin was 2.4%, up 1 percentage point year-on-year [3] Future Growth Drivers - The company is leveraging AI to enhance the Mintegral platform, with the D7 Target ROAS feature launched in October 2024 to improve marketing ROI for clients [4] - The ongoing iteration of ROAS technology is expected to drive long-term growth by accumulating rich marketing data [4] - The company has expanded its client base in non-gaming categories, indicating the effectiveness of its multi-vertical strategy [3][4] Financial Projections - The company forecasts net profits of 40 million, 72million,and72 million, and 88 million for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.03,0.03, 0.05, and $0.06 [2][5] - The current price-to-earnings (P/E) ratios are projected at 25.2, 14.0, and 11.4 for 2024, 2025, and 2026 respectively [2][5]