MOBVISTA-港股公司信息更新报告：利润大幅改善，全球化、多垂类战略驱动长期增长

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][4]. Core Insights - The company has shown significant profit improvement, driven by a global and multi-vertical strategy that supports long-term growth [4][5]. - In 2023, the company's revenue reached $1.054 billion, a year-on-year increase of 17.85%, while net profit was$ 18.588 million, up 82.41% year-on-year [4]. - The adjusted EBITDA for the company was $105 million, reflecting a substantial year-on-year growth of 191.32% [4]. - The advertising technology segment generated a profit of$ 51.11 million, while the marketing technology segment reported a loss of $19.89 million [4]. - The company has optimized its cost structure, reducing server costs from 9% to 5% and achieving a gross margin increase of 0.8 percentage points to 20.6% in 2023 [6]. Financial Performance Summary - Revenue (in million USD): - 2022: 894 - 2023: 1,054 - 2024E: 1,266 - 2025E: 1,456 - 2026E: 1,617 - Year-on-Year Growth (YOY%): - 2023: 17.9% - 2024E: 20.1% - 2025E: 15.0% - 2026E: 11.1% [7]. - Net Profit (in million USD): - 2022: 15 - 2023: 22 - 2024E: 40 - 2025E: 72 - 2026E: 88 - Gross Margin (%): - 2022: 19.8 - 2023: 20.6 - 2024E: 20.9 - 2025E: 21.4 - 2026E: 21.4 [7]. Strategic Developments - The company has successfully expanded into new markets in Europe, America, and emerging Asian markets, focusing on small and medium developers [5]. - The number of applications integrated with Mintegral SDK has increased fourfold compared to early 2022, with a significant portion coming from small and medium developers [5]. - The revenue share from mid-to-heavy games has increased by 8 percentage points to 29% by the end of 2023 [5]. - The company plans to continue expanding its client base in mid-to-heavy games and e-commerce while maintaining its global strategy to capture overseas opportunities [5]. Cost Optimization and Share Buyback - The company has implemented cost optimization strategies, including workforce reduction and new product development, leading to a 23.1% decrease in sales expenses to$ 5.1 million and an 11.8% decrease in R&D expenses to $9.4 million [6]. - The company plans to increase its share buyback program by an additional HKD 80 million, bringing the total to HKD 250 million, reflecting confidence in its growth prospects [6].