Investment Rating - The report gives a "Buy" rating to the company, with a target market capitalization of 10 billion yuan for 2025, corresponding to a PE ratio of 28x [119] Core Views - The company is expected to benefit from the rapid development of cross-border e-commerce and the intense competition among major platforms, leveraging its position as a marketing service provider for several leading cross-border e-commerce platforms [3][10] - The company's revenue from Alibaba has been steadily increasing, contributing 3.74 billion yuan, 6.05 billion yuan, and 14.17 billion yuan in 2019, 2020, and 2021 respectively, with the income proportion also rising [11] - The company's AIGC digital marketing platform, KreadoAI, has shown significant potential in reducing costs and improving efficiency, with AI models increasing ad click-through rates by 35% while reducing single-click costs by 45% [105] Financial Performance - The company's revenue is expected to grow by 20.0%, 16.0%, and 14.0% in 2024, 2025, and 2026, reaching 25.72 billion yuan, 29.84 billion yuan, and 34.01 billion yuan respectively [115] - Net profit attributable to the parent company is expected to grow by 29.78%, 26.83%, and 20.82% in 2024, 2025, and 2026, reaching 2.82 billion yuan, 3.57 billion yuan, and 4.32 billion yuan respectively [119] - The company's gross margin is expected to improve, with projections of 25.10%, 26.00%, and 26.40% for 2024, 2025, and 2026, driven by the cost-saving and efficiency-enhancing effects of AIGC [117] Industry Trends - The cross-border e-commerce industry is experiencing rapid growth, with transaction volumes reaching 16.85 trillion yuan in 2023, a 7.32% year-on-year increase, and export cross-border e-commerce transactions reaching 13.24 trillion yuan, a 7.64% increase [54] - The rise of independent cross-border e-commerce sites is creating new marketing demands, with 37% of independent site operators citing overseas marketing as their biggest challenge [62] - The short video and gaming industries are driving incremental demand for marketing services, with short video platforms like ReelShort generating significant revenue overseas [77] Strategic Partnerships - The company has established strategic partnerships with major players like Alibaba, SHEIN, and Amazon, which are expected to drive growth in its advertising services [4][10][111] - The company's collaboration with Amazon Web Services has significantly reduced operational costs, with a 65% reduction in computing architecture costs and a 75% reduction in machine learning training costs [111] Technological Innovation - The company has developed a series of intelligent business platforms, including TopMedia CMP and YeahTargeter, which have improved advertising efficiency and reduced operational costs [47] - The company's AIGC platform, KreadoAI, has been widely adopted, with over 400,000 registered users and coverage in 67 countries, offering solutions in AI digital humans, AI models, and AI creative assets [133][105]
易点天下：国际化智能营销服务商，AIGC引领品牌出海新浪潮