SDICSI 2024 年 12 月 11 日 汇量科技 (1860.HK) 算法持续更新迭代，带动业绩亮眼增长 事件：近日，汇量科技公布 2024Q3 业绩情况，单季实现营收 4.16 亿美元，同比 增加 54.6%；经调整净利润 0.11 亿美元，同比增加 162.4%，收入利润均有显著 提升。综合考虑，我们预测 2024/2025/2026 年 EPS 为 0.02/0.04/0.05 美元，给 予 2025 年 PS 1.5x，目标价 12.8 港元，维持"买入"评级。 报告摘要 算法更新迭代，垂类持续突破。2024 年以来，广告市场持续回暖，使得公司业务 保持强劲增长，24Q3 实现营收 4.16 亿美元，同比增加 54.6%，其中贡献主要收 入的程序化广告平台 Mintegral 录得收入 4.02 亿美元，同比增长 57.6%。得益于 2022 年基建的升级以及 2023 年的持续投入，Mintegral 的智能出价产品进一步得 到了市场的验证，ROAS 的智能出价模式成为了开发者在 Mintegral 的主流选择， 也是推动 Mintegral 增长的重要因素。随着 Mintegral 平台智 ...

Investment Rating - The report does not provide a specific investment rating for Mobvista (1860 HK) [2] Core Business - Mobvista is a global leader in mobile advertising and marketing technology, primarily serving mobile app developers and helping Chinese developers expand overseas [2] - The company focuses on programmatic advertising and data-driven marketing, with its core business relying on the Mintegral platform [2] - Key business segments include: (i) programmatic advertising solutions, (ii) data analytics and operations services, (iii) SaaS tool matrix development and sales, and (iv) multi-scenario traffic monetization services [2] - Advertising technology accounts for 98 6% of revenue, with programmatic advertising being the major contributor, while marketing technology currently represents 1 4% of revenue but is in a rapid expansion phase [2] Market Outlook - The global mobile advertising and marketing technology market is expected to exceed $500 billion by 2025, with programmatic advertising growing at a 16 2% CAGR [2] - Mid-tail and long-tail traffic are becoming increasingly important due to privacy protection and antitrust policies, presenting significant growth opportunities [2] Competitive Landscape - The global ad tech platform market is dominated by Google AdMob and Meta Audience Network in the head traffic segment, while mid-tail and long-tail traffic are controlled by programmatic advertising platforms including AppLovin, Unity Ads, and Mintegral [2] - Mobvista has strengthened its competitiveness in ROI improvement for advertisers, global traffic coverage, and data analytics efficiency through continuous algorithm optimization and service enhancement [2] Future Prospects - The company plans to focus on advertising services for mid-core games, utility apps, and e-commerce sectors, which are experiencing rapid growth [2] - The mid-core game sector, in particular, is expected to reach a market potential of hundreds of billions of dollars by 2025 due to the popularity of hybrid monetization models [2] - Mintegral platform currently handles trillions of ad requests annually, with revenue and profit steadily increasing alongside global business expansion [2]

公 司 研 究 传媒/广告营销 汇量科技（01860.HK） 2024 年 11 月 18 日 Mintegral 收入加速扩张，AI 赋能飞轮增长 ——港股公司信息更新报告 投资评级：买入（维持） 方光照（分析师） 肖江洁（联系人） fangguangzhao@kysec.cn 证书编号：S0790520030004 xiaojiangjie@kysec.cn 证书编号：S0790124070035 2024Q3 收入利润快速增长，看好技术创新推动拓客，维持"买入"评级 公司 2024 年前三季度实现营业收入 10.55 亿美元（同比+36.0%）；实现经调整利 润净额 1916.4 万美元（同比+37.4%）；公司 2024Q3 实现营业收入 4.16 亿美元（同 比+54.6%，环比+23.6%），经调整利润净额为 1066.8 万美元（同比+162.4%）， 业绩增长主要系 Mintegral 技术驱动规模效应凸显。考虑到公司技术迭代驱动快 速拓客，我们维持 2024-2026 年盈利预测，预计公司 2024-2026 年归母净利润分 别为 0.40/0.72/0.88 亿美元，对应 EPS 分别为 ...

Revenue Performance - Revenue for Q3 2024 reached $416.457 million, a year-on-year increase of 54.6% and a quarter-on-quarter increase of 23.6%[1] - Mintegral, the programmatic advertising platform, recorded revenue of $402.5 million in Q3 2024, a year-on-year increase of 57.6% and a quarter-on-quarter increase of 25.7%[4] - Mintegral platform revenue in Q3 2024 reached $402.5 million, a 57.6% YoY increase[9] - Revenue for the three months ended September 30, 2024, was $416.457 million, a 54.6% increase compared to $269.370 million in the same period in 2023[26] - Revenue for the nine months ended September 30, 2024, was $1.054744 billion, a 36.0% increase compared to $775.503 million in the same period in 2023[26] Profitability Metrics - Net income for Q3 2024 was $109.386 million, up 49.2% year-on-year and 29.6% quarter-on-quarter[1] - Gross profit for Q3 2024 stood at $87.845 million, a year-on-year increase of 58.3% and a quarter-on-quarter increase of 26.6%[1] - Net profit for Q3 2024 was $8.843 million, a significant year-on-year increase of 171.2% and a quarter-on-quarter increase of 4,732.2%[1] - Adjusted EBITDA for Q3 2024 was $34.269 million, a year-on-year increase of 45.3% and a quarter-on-quarter increase of 6.5%[1] - Gross profit rose 58.3% YoY to $87.8 million in Q3 2024, with advertising technology business gross margin improving to 20.6%[14][15] - Net profit in Q3 2024 was $8.8 million, a 171.2% YoY increase[20] - Adjusted EBITDA grew 45.3% YoY to $34.3 million in Q3 2024[20][21] - Gross profit for the three months ended September 30, 2024, was $87.845 million, representing a 58.3% increase from $55.502 million in the same period in 2023[26] - Operating profit for the three months ended September 30, 2024, was $12.125 million, a 132.2% increase compared to $5.221 million in the same period in 2023[26] - Adjusted EBITDA for the three months ended September 30, 2024, was $34.269 million, a 45.3% increase from $23.577 million in the same period in 2023[23] - Net profit for the three months ended September 30, 2024, was $8.843 million, a 171.2% increase compared to $3.261 million in the same period in 2023[26] - Adjusted net profit for the three months ended September 30, 2024, was $10.668 million, a 162.4% increase from $4.065 million in the same period in 2023[23] - Gross profit for the nine months ended September 30, 2024, was $219.046 million, representing a 38.2% increase from $158.462 million in the same period in 2023[26] - Operating profit for the nine months ended September 30, 2024, was $25.368 million, a 41.8% increase compared to $17.892 million in the same period in 2023[26] - Net profit for the nine months ended September 30, 2024, was $16.180 million, a 37.3% increase compared to $11.783 million in the same period in 2023[26] Mintegral Platform Performance - Mintegral's gaming category revenue reached $294.5 million in Q3 2024, up 46.5% year-on-year and 26.2% quarter-on-quarter[4] - Mintegral's non-gaming category revenue was $108.0 million in Q3 2024, a year-on-year increase of 98.5% and a quarter-on-quarter increase of 24.6%[4] - Gaming category accounted for 73.2% of Mintegral's total revenue in Q3 2024, generating $294.5 million, a 46.5% YoY growth[10][11] - Non-gaming category revenue grew 98.5% YoY to $108.0 million, representing 26.8% of Mintegral's total revenue in Q3 2024[10][11] Expenses and Costs - Cost of sales increased 53.7% YoY to $328.6 million in Q3 2024, primarily driven by advertising technology business costs[12][13] - Sales and marketing expenses increased 32.7% YoY to $16.7 million in Q3 2024, mainly due to higher bidding fees[16] - R&D expenses surged 59.7% YoY to $45.9 million in Q3 2024, driven by increased model training costs for the intelligent bidding system[17] Financial Position - Total assets decreased to $239.2 million as of September 30, 2024, compared to $334.988 million as of December 31, 2023[28] - Current assets decreased to $398.271 million as of September 30, 2024, from $400.204 million as of December 31, 2023[28] - Current liabilities increased to $484.952 million as of September 30, 2024, from $356.563 million as of December 31, 2023[28] - Net current liabilities stood at $86.681 million as of September 30, 2024, compared to net current assets of $43.641 million as of December 31, 2023[28] - Non-current assets increased to $325.881 million as of September 30, 2024, from $291.347 million as of December 31, 2023[28] - Non-current liabilities decreased to $15.076 million as of September 30, 2024, from $75.878 million as of December 31, 2023[29] - Equity attributable to shareholders decreased to $218.103 million as of September 30, 2024, from $250.092 million as of December 31, 2023[29] - Total equity decreased to $224.124 million as of September 30, 2024, from $259.11 million as of December 31, 2023[29] - Cash and cash equivalents decreased to $104.278 million as of September 30, 2024, from $146.348 million as of December 31, 2023[28] - Trade and other receivables increased to $226.176 million as of September 30, 2024, from $164.294 million as of December 31, 2023[28] Other Revenue Streams - Non-programmatic advertising revenue in Q3 2024 was $9.9 million, a year-on-year decrease of 0.5% and a quarter-on-quarter decrease of 18.7%[4] - Marketing technology revenue in Q3 2024 was $4.0 million, a year-on-year increase of 1.0% and a quarter-on-quarter decrease of 10.7%[4]

Mobvista 20 124 中 期 | --- | --- | --- | |----------------------------------------------|-------|----------| | | | | | | | | | 匯量科技有限公司 | | | | Mobvista Inc. [於開曼群島註冊成立的有限公司] | | | | 股份代號 : 1860 | | | | | | | | | | | | | | | | | | | | | | | | | | LLA LEAD | | | | | | | | | | | | | | | | | 目錄 2 公司資料 3 財務概要 4 業務回顧 29 管理層討論及分析 45 未經審核中期財務資料審閱報告 46 綜合損益表 47 綜合損益及其他全面收益表 48 綜合財務狀況表 50 綜合權益變動表 52 簡明綜合現金流量表 53 未經審核中期財務報告附註 74 其他資料 87 釋義 2024年中期報告 公司資料 | --- | --- | |------------------------------------------------- ...

公 司 研 究 汇量科技（01860.HK） 2024 年 08 月 27 日 投资评级：买入（维持） 方光照（分析师） 田鹏（分析师） fangguangzhao@kysec.cn 证书编号：S0790520030004 tianpeng@kysec.cn 证书编号：S0790523090001 传媒/广告营销 Mintegral 仍为增长引擎，多垂类战略彰显成效 ——港股公司信息更新报告 开 源 证 券 证 券 研 究 报 告 港股公司信息更新报告 股价走势图 汇量科技 恒生指数 -64% -48% -32% -16% 0% 16% 2023-08 2023-12 2024-04 数据来源：聚源 相关研究报告 《2024Q1 业绩创新高，技术赋能商业 化空间打开—港股公司信息更新报 告》-2024.5.23 《利润大幅改善，全球化、多垂类战 略驱动长期增长—港股公司信息更新 报告》-2024.3.21 | --- | --- | |--------------------|-------------| | 日期 | 2024/8/26 | | 当前股价(港元) | 1.580 | | 一年最高最低(港元) ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，亦明確表示，概不對因本公告全部或任何部分內容而產生或 因依賴該等內容而引致的任何損失承擔任何責任。 附註： Mobvista Inc. 匯量科技有限公司 （股份代號：1860） （於開曼群島註冊成立的有限公司） 截至2024年6月30日止六個月之中期業績公告 | --- | --- | --- | --- | |--------------------------------|--------------|--------------------|----------| | | | | | | 財務摘要 | | | | | | 截至 | 6 月 30 日止六個月 | | | | 2024 | 2023 | | | | 千美元 | 千美元 | | | | （未經審計） | （未經審計） | 同比變動 | | | | | | | 收入 | 638,287 | 506,133 | 26.1% | | 淨收入 (1) | 166,536 | 136,365 | 22.1% | | 毛利 | 131,201 | ...

Investment Rating - Buy rating maintained for the company [3][4] Core Views - Mintegral contributes to revenue growth, with six consecutive quarters of profitability, supporting the Buy rating [4][5] - The company achieved record-high revenue and profits in 2024Q1, with revenue of USD 301 million (YoY +23.3%, QoQ +8.2%) and adjusted net profit of USD 8.868 million (YoY +96.6%, QoQ +45.0%) [5] - Mintegral's revenue reached USD 284 million (YoY +25.4%, QoQ +10.3%), accounting for 94.1% of total revenue [5] - The company is expected to achieve net profits of USD 40/72/88 million for 2024-2026, with EPS of USD 0.03/0.05/0.06, and PE ratios of 16.8/9.3/7.6x [5] Financial Summary and Valuation Metrics - 2024Q1 revenue: USD 301 million (YoY +23.3%, QoQ +8.2%) [5] - 2024Q1 adjusted EBITDA: USD 30.697 million (YoY +17.7%, QoQ +2.7%) [5] - 2024Q1 gross margin: 20.5% (YoY +1.3 pct) [6] - 2024Q1 net margin: 2.35% (YoY +1.0 pct) [6] - 2024-2026 revenue forecast: USD 1.266/1.456/1.617 billion, with YoY growth of 20.1%/15.0%/11.1% [7] - 2024-2026 net profit forecast: USD 40/72/88 million, with YoY growth of 83.3%/80.7%/22.2% [7] Business Highlights - Mintegral's non-gaming revenue reached USD 80.8 million (YoY +83.2%, QoQ +8.8%), accounting for 28.5% of Mintegral's total revenue (YoY +9.0 pct) [5] - Gaming revenue remained the core, contributing USD 203 million (YoY +11.4%, QoQ +10.9%), accounting for 71.5% of Mintegral's total revenue [5] - E-commerce and mid-to-hardcore gaming clients are expected to drive Mintegral's growth [5] - The company increased R&D investment in ROAS, with R&D expenses reaching USD 29.52 million (YoY +57.8%) [6] Industry Insights - Mid-to-hardcore games accounted for 59% of the global mobile gaming market in 2023, indicating potential for further growth in this segment [5]

传媒/广告营销 公 司 研 汇量科技（01860.HK） 2024Q1 业绩创新高，技术赋能商业化空间打开 究 2024年05月23日 ——港股公司信息更新报告 投资评级：买入（维持） 方光照（分析师） 田鹏（分析师） fangguangzhao@kysec.cn tianpeng@kysec.cn 日期 2024/5/22 证 书编号：S0790520030004 证书编号：S0790523090001 港 当前股价(港元) 3.290  Mintegral贡献收入增量，连续六个季度盈利，维持“买入”评级 股 一年最高最低(港元) 4.060/2.410 公司 2024Q1 实现营业收入 3.01 亿美元（同比+23.3%，环比+8.2%）；实现经调 公 司 总市值(亿港元) 52.34 整利润净额886.8万美元（同比+96.6%，环比+45.0%）；经调整EBITDA为3069.7 信 流通市值(亿港元) 52.34 万美元（同比+17.7%，环比+2.7%）。公司程序化广告平台 Mintegral 的收入为 息 总股本(亿股) 15.91 2.84亿美元（同比+25.4%，环比+10.3%），占收入 ...

M N 20 May 2024 CMB International Global Markets | Equity Research | Company Update Mobvista Inc. (1860 HK) Solid 1Q24 with enhanced profitability Target Price HK$6.00 Supported by an upgraded smart bidding system, Mobvista delivered strong Up/Downside 92.9% quarterly results, with revenue/adj. net profit +23%/97% YoY in 1Q24. Its Current Price HK$3.11 verticals expansion effort (e.g. ecommerce and social media) continued to bear fruit, with non-gaming business revenue contribution up to 29% in 1Q24 (vs. Ch ...