Blue Focus(300058) 财信证券·2024-11-20 08:24Investment Rating - The investment rating for the company is "Accumulate" [2][5]. Core Views - The company has initiated its overseas platform business, driven by a dual strategy focusing on globalization and AI [2][5]. - The company's revenue for 2024 is projected to reach 613.76 billion, with a steady growth trajectory expected through 2026 [2][5]. - The net profit attributable to the parent company is forecasted to improve from 1.17 billion in 2023 to 2.97 billion in 2026 [2][5]. Financial Summary - Revenue Forecast: - 2022A: 366.83 billion - 2023A: 526.16 billion - 2024E: 613.76 billion - 2025E: 667.28 billion - 2026E: 696.73 billion [5][6] - Net Profit: - 2022A: -21.75 billion - 2023A: 1.17 billion - 2024E: 1.49 billion - 2025E: 2.26 billion - 2026E: 2.97 billion [5][6] - Earnings Per Share (EPS): - 2022A: -0.86 - 2023A: 0.05 - 2024E: 0.06 - 2025E: 0.09 - 2026E: 0.12 [5][6] - Price-to-Earnings (P/E) Ratio: - 2022A: -10.76 - 2023A: 200.69 - 2024E: 156.63 - 2025E: 103.70 - 2026E: 78.70 [5][6] - Price-to-Book (P/B) Ratio: - 2022A: 3.15 - 2023A: 3.09 - 2024E: 3.03 - 2025E: 2.96 - 2026E: 2.87 [5][6] Strategic Insights - The company is experiencing rapid growth in its overseas advertising business, which has significantly boosted overall revenue [2][5]. - Domestic high-margin clients have reduced their advertising spending, contributing to a decline in overall profitability [2][5]. - The company aims to enhance its programmatic advertising platform, leveraging AI to improve user growth and creative models [2][5].