Investment Rating - The report maintains an "Accumulate" rating for the company [3][12]. Core Insights - The company reported a revenue of 2.143 billion yuan in 2023, a decrease of 7.04% year-on-year, with a net profit attributable to shareholders of 217 million yuan, down 17.20% year-on-year. However, the fourth quarter showed a revenue of 560 million yuan, a significant year-on-year increase of 27.91% [3]. - In Q1 2024, the company achieved a revenue of 480 million yuan, a year-on-year growth of 1.66%, and a net profit of 50 million yuan, up 21.23% year-on-year [3]. - The company’s gross margin improved to 24.36% in 2023, an increase of 3.99 percentage points, and further increased to 25.88% in Q1 2024 [3]. - The advertising business is expanding globally, with over 800 million commercial conversions and coverage in over 200 countries, leveraging AI technology to enhance performance [3]. Financial Summary - The company’s projected revenues for 2024-2026 are 2.579 billion yuan, 2.856 billion yuan, and 3.100 billion yuan, respectively, with corresponding net profits of 285 million yuan, 347 million yuan, and 430 million yuan [2][3]. - The projected PE ratios for 2024-2026 are 28.4, 23.3, and 18.8 times, respectively, indicating a favorable valuation trend [3]. - The company plans to distribute a cash dividend of 1.10 yuan per 10 shares for 2023 [3].
易点天下：广告营销全球铺开，AI引领创新发展