2023年报点评：规模效应显现，程序化广告进入收获期

Investment Rating - The investment rating for the company is "Buy" [7][9]. Core Insights - The company has shown continuous improvement in profitability, with a gross profit of $217 million in 2023, representing a year-over-year increase of 22.7$15.6 million, growing by 23.9% year-over-year, while the Ad-tech segment achieved revenue of $1.038 billion, up 17.8$1.054 billion, a year-over-year increase of 17.85%, and a net profit attributable to shareholders of $21.8 million, up 45.42$105 million, reflecting a substantial year-over-year growth of 191.32% [4]. - The company forecasts revenues of $1.301 billion,$1.529 billion, and $1.745 billion for 2024, 2025, and 2026, respectively, with net profits projected at$56.04 million, $74.55 million, and$93.71 million for the same years [10]. Segment Performance - The Ad-tech business, centered around Mintegral, is the primary revenue and profit contributor, with programmatic advertising revenue reaching $980 million, a year-over-year increase of 18.8$100,000 in revenue, with a customer retention rate of 93.3% and a net expansion rate of 115% [4]. - The company is expanding its presence in the mid-to-heavy gaming market, with revenue from this segment increasing by 66.3% year-over-year, now accounting for 29% of Mintegral's revenue [4]. Market Position and Future Outlook - The company is positioned as a leading player in the global smart advertising service sector, driven by both Ad-tech and Mar-tech segments [9]. - The algorithm's maturity is expected to lead to stable profit releases, with significant growth opportunities anticipated in the coming years [9].