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]

Financial Performance - Revenue for the six months ended June 30, 2024, reached $638.287 million, a 26.1% increase compared to $506.133 million in the same period of 2023[4]. - Net income for the same period was $166.536 million, reflecting a 22.1% growth from $136.365 million year-over-year[4]. - Gross profit increased by 27.4% to $131.201 million, up from $102.960 million in the previous year[4]. - Adjusted EBITDA for the six months was $62.881 million, a 21.4% increase from $51.802 million in 2023[4]. - The company achieved profitability for seven consecutive quarters since turning profitable in Q4 2022, driven by infrastructure upgrades and improved model training efficiency[42]. - The profit attributable to equity holders for H1 2024 was $9.3 million, a decrease from $10.2 million in the same period of 2023[88]. - The adjusted net profit for H1 2024 was $11.8 million, up 32.4% from $8.9 million in H1 2023[91]. - The company reported a total comprehensive income of $7,780 thousand for the period, compared to $8,303 thousand in the prior year[106]. Market Trends and Expansion - The global mobile application download volume reached 257 billion in 2023, with a 1% year-over-year growth, indicating a resilient mobile app market[9]. - Mobile advertising spending reached $362 billion in 2023, with an 8% year-over-year increase, and is projected to exceed $400 billion in 2024[9]. - The company is focusing on expanding its presence in emerging markets such as South Korea, Brazil, Mexico, and Turkey, where user spending has increased by 25% year-over-year[9]. - By 2025, overseas marketing for Chinese companies is expected to exceed $50 billion, indicating a strong trend in the mobile internet expansion abroad[10]. - The company is committed to becoming a Growth Hub for small and medium developers, addressing their globalization challenges through SaaS tools[44]. Advertising Technology and Services - The demand for advertising technology services is increasing as developers face challenges in user acquisition and monetization in a competitive mobile app ecosystem[5]. - Mintegral has established strong commercial relationships and industry recognition among Chinese mobile app developers, benefiting from the growing overseas marketing market[10]. - The advertising market in Europe and the US is showing stability and growth, with major platforms like Google and Meta performing well[6]. - The company covers the entire programmatic advertising industry chain, enhancing client relationships and improving algorithm capabilities through data integration[15]. - The platform's programmatic advertising model significantly improves ad efficiency and ROI for advertisers[20]. - The company has invested heavily in building an intelligent bidding system since the second half of 2021 to enhance its algorithm capabilities[12]. - The company launched the Target ROAS smart bidding feature in May 2023, which has contributed over 60% of Mintegral's total revenue in H1 2024[42]. Client Base and Revenue Sources - Mintegral's client base spans approximately 130 countries, with 72.2% of revenue coming from gaming clients[27]. - Over 97% of devices reached by Mintegral are from overseas markets, highlighting the platform's global reach[28]. - The Ad-tech segment accounts for over 90% of total net income, while Mar-tech is still in early product development stage[22]. - Game-related revenue on the Mintegral platform was $436.2 million, accounting for 72.2% of total Mintegral revenue, with a year-over-year increase of 16.4%[70]. - Non-game category revenue surged to $167.5 million, marking an 80.2% year-on-year growth from $92.9 million in the same period of 2023, driven by advancements in the smart bidding system[46]. Operational Efficiency and Cost Management - The company expects to continuously lower server costs as scale increases and optimize algorithm efficiency, enhancing future gross margins[26]. - The unit cost of server resources has been reduced to around 5% in H1 2024, down from 9% at the beginning of 2022, through optimization of the cloud-native platform[42]. - The overall accounts receivable turnover days for the group in H1 2024 was 44 days, down from 51 days in 2023 and 52 days in 2022[85]. - The accounts payable turnover days remained stable at 86 days in H1 2024, consistent with 2023 and improved from 90 days in 2022[86]. Research and Development - Research and development expenses rose by 49.4% to $62.8 million, reflecting increased costs associated with the development of smart bidding systems[79]. - The company has a top-tier R&D team with members from prestigious universities and experience in leading tech companies, enhancing its technical capabilities in data science and cloud computing[33]. - The company has embraced AI trends by integrating large model technology into its cloud-native platform, MaxCloud, enhancing DevOps processes and product delivery efficiency[52]. Financial Position and Liabilities - Total assets as of June 30, 2024, were $745.0 million, an increase from $691.6 million as of December 31, 2023[93]. - Total liabilities amounted to $505.8 million, up from $432.4 million as of December 31, 2023, resulting in a debt-to-asset ratio of 67.9%[93]. - The company reported a net cash flow from operating activities of $118.7 million in H1 2024, representing a significant increase of 147.4% year-over-year from $48.0 million in 2023[88]. - The company incurred a net cash outflow from investing activities of $71,281 thousand, compared to $37,833 thousand in the same period last year, indicating an increase in investment activities[114]. Shareholder Information and Corporate Governance - The company’s executive director, Duan Wei, holds a controlling interest of 64.65% in the company[180]. - The total number of issued shares is 1,590,857,164, with a major shareholder, Shunliu, holding 1,028,464,229 shares, representing 64.65% of the total issued shares[185]. - The employee restricted share unit plan was adopted on September 27, 2018, to incentivize employees and retain talent for future growth[187]. - The plan allows for participation from existing employees and consultants, excluding directors and senior management[188].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company achieved a revenue of USD 638 million in H1 2024, representing a year-on-year increase of 26.1%. The adjusted net profit was USD 11.84 million, up 32.4% year-on-year, and adjusted EBITDA was USD 62.88 million, reflecting a 21.4% increase year-on-year. The growth is primarily driven by the advertising technology business centered around Mintegral [4][5] - The company maintains its profit forecast for 2024-2026, expecting net profits of USD 40 million, USD 72 million, and USD 88 million for the respective years, with corresponding EPS of USD 0.03, USD 0.05, and USD 0.06. The current stock price corresponds to P/E ratios of 8.0, 4.4, and 3.6 for the years 2024, 2025, and 2026 respectively [4][6] Revenue and Profit Growth - In H1 2024, the advertising technology business generated USD 630 million in revenue, accounting for 98.6% of total revenue, with a gross margin of 19.7%. Programmatic advertising revenue from Mintegral was USD 604 million, up 29% year-on-year, while non-programmatic advertising revenue decreased by 16.4% [5][6] - The marketing technology business generated USD 8.7 million in revenue, with a gross margin of 78.9% [5] Strategic Developments - The company is focusing on platform scale growth and multi-vertical expansion as mid-term strategic goals. Non-gaming category revenue reached USD 167 million in H1 2024, up 80.2% year-on-year, indicating the effectiveness of the multi-vertical expansion strategy [6] - In July 2024, Mintegral launched a new Target-CPE feature for event-based ad optimization, enhancing algorithm capabilities and innovative ad strategies, which is expected to further drive revenue growth [6] Financial Projections - The company projects revenue growth from USD 1.054 billion in 2023 to USD 1.617 billion in 2026, with a compound annual growth rate (CAGR) of 20.1% [7] - Net profit is expected to grow from USD 22 million in 2023 to USD 88 million in 2026, with a significant increase in net profit margin from 2.1% to 5.5% over the same period [7]

Financial Performance - Revenue for the six months ended June 30, 2024, reached $638.287 million, a 26.1% increase compared to $506.133 million in the same period of 2023[2] - Net income for the same period was $166.536 million, reflecting a 22.1% growth from $136.365 million year-over-year[2] - Gross profit increased to $131.201 million, up 27.4% from $102.960 million in the previous year[2] - Adjusted EBITDA for the period was $62.881 million, representing a 21.4% increase from $51.802 million in 2023[2] - The company has achieved profitability for seven consecutive quarters since Q4 2022, with revenue continuing to rise quarter-over-quarter in 2023 and into the first half of 2024[41] - In 2023, Mintegral's revenue increased by 29.0% year-over-year, while non-programmatic advertising revenue decreased by 16.4%, yet the advertising technology business net income grew by 22.3%[42] - The company recorded a profit attributable to equity holders of $9.3 million, down from $10.2 million in the same period last year[89] - The net profit for the six months ended June 30, 2024, was $7.337 million, down from $8.522 million in 2023, indicating a decrease of about 14%[108] - The basic earnings per share for the period was $0.61, compared to $0.66 in the same period last year[108] Advertising Technology - The Ad-tech segment, centered around Mintegral, accounts for over 90% of the company's net revenue, while the Mar-tech segment is still in the early stages of product development[20] - The Ad-tech segment generated $629.6 million in revenue, accounting for 98.6% of total revenue, with a year-on-year growth of 26.2%[64] - Programmatic advertising revenue was $603.7 million, making up 95.9% of Ad-tech revenue, with a 29.0% increase compared to the previous year[67] - The company aims to integrate its Ad-tech and Mar-tech capabilities to create a comprehensive product matrix covering various stages of developer growth[19] - The company has invested heavily in building a smart bidding system since the second half of 2021 to enhance its algorithm capabilities[12] - The Target ROAS smart bidding feature launched in May 2023 has contributed over 60% of Mintegral's total revenue in the first half of 2024[42] - The Mintegral platform processes over 200 billion daily ad requests, serving more than 10,000 global top advertisers and 100,000 leading apps[18] Market Trends - The global mobile advertising expenditure reached $362 billion in 2023, with an expected growth to over $400 billion in 2024, indicating a compound annual growth rate (CAGR) of 16.2% from 2019 to 2024[9] - The trend of hybrid monetization is becoming mainstream among top mobile games, requiring higher demands on advertising algorithms[12] - The trend of Chinese companies expanding overseas is expected to see marketing expenditures surpassing $50 billion by 2025, indicating a robust growth trajectory[10] - The advertising market in Europe and the US is showing resilience, with major platforms like Google and Meta continuing to perform well, contributing to a stable upward trend in the overall advertising market[5] Customer Base and Global Presence - Mintegral's main customers are in the gaming sector, accounting for 72.2% of total revenue, while non-gaming sectors increased from 19.9% in H1 2023 to 27.8%[26] - Over 97% of devices reached by Mintegral are from overseas regions, indicating a strong international presence[27] - Mintegral operates in approximately 130 countries, showcasing its global customer distribution[25] - Currently, 40% of the company's clients are from China, while 97% of traffic originates from overseas markets, indicating a strong global presence[49] Research and Development - The company has a strong R&D team with expertise from top universities and experience from leading tech firms, enhancing its technological capabilities[32] - Capitalized R&D expenses combined with expensed R&D expenses totaled $96.7 million, a 21.2% increase compared to the same period last year[81] - The increase in expensed R&D was 49.4% year-on-year, reaching $62.8 million, mainly due to the development of an intelligent bidding system[81] Financial Position - The company's total assets as of June 30, 2024, amounted to $745.0 million, an increase from $691.6 million as of December 31, 2023[93] - The total liabilities were $505.8 million as of June 30, 2024, compared to $432.4 million as of December 31, 2023, resulting in a debt-to-asset ratio of 67.9%[93] - Cash and cash equivalents decreased to $84.0 million as of June 30, 2024, down from $146.3 million as of December 31, 2023[94] - The company reported a net current liability of $71,176,000, raising concerns about its ability to continue as a going concern[114] Strategic Goals - The company aims to expand its platform scale and diversify its offerings as part of its mid-term strategic goals[70] - Mintegral aims to become a Growth Hub for small and medium developers, focusing on addressing their globalization challenges and enhancing their market penetration[43] - The company is committed to a globalization strategy, actively expanding its market share in the Asia-Pacific, EMEA, and Americas regions[50] Legal and Regulatory Matters - The company reached a settlement agreement with a shareholder (Seller A) regarding the acquisition of an 18.56% stake in Beijing Hot Cloud Technology, agreeing to pay a total of $25,684,000, which includes $23,512,000 as settlement and $2,172,000 in related costs[139] - The company is currently involved in an ongoing dispute with another shareholder (Seller B) regarding a 15.30% stake in Beijing Hot Cloud Technology, with a court ruling requiring the company to pay approximately $32,249,000 plus additional penalties and fees[140] - The company has applied to the National Development and Reform Commission (NDRC) for a security review related to the acquisition of Beijing Hot Cloud Technology, which is currently under review[140]

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 ...

Investment Rating - The report maintains a "BUY" rating for Mobvista Inc. with a target price of HK$6.00, indicating a potential upside of 92.9% from the current price of HK$3.11 [2][4]. Core Insights - Mobvista reported strong 1Q24 results with revenue and adjusted net profit increasing by 23% and 97% year-over-year, respectively. The non-gaming business revenue contribution rose to 29% in 1Q24 from 19.5% in 1Q23 [2]. - The upgraded smart bidding system has significantly improved revenue growth, particularly in the Mintegral platform, which saw a revenue increase of 25.4% year-over-year in 1Q24 [2]. - A settlement agreement regarding Reyun transactions has eased previous overhangs, allowing investors to focus on Mobvista's organic growth and profitability improvements [2]. Summary by Sections Earnings Summary - Mobvista's revenue for 1Q24 was US$301.5 million, reflecting a 23% increase year-over-year. The adjusted net profit surged to US$8.9 million, a 97% increase compared to the previous year [2][8]. - The gross profit margin reached 20.5%, up 1.3 percentage points year-over-year, driven by higher advertising efficiency and controlled costs in the mar-tech business [2][8]. Revenue Breakdown - The adtech/mar-tech segment reported revenue growth of 23% and 19% year-over-year, with programmatic advertising growing by 25% [2][9]. - Non-gaming revenue share increased significantly, with e-commerce and social media being key growth drivers [2][10]. Financial Forecasts - The report forecasts revenue growth of 20% year-over-year for FY24E, with adjusted net profit expected to grow by 91% [2][11]. - The financial outlook for FY24E includes projected revenue of US$1.265 billion and adjusted net profit of US$37 million [13][15]. Valuation - The report employs a sum-of-the-parts (SOTP) valuation method, assigning a 20x FY24E P/E to the ad-tech business and a 3.0x FY24E P/S to the mar-tech business, leading to a total equity value of HK$6.00 per share [12][2].

Investment Rating - The report maintains a "Buy" rating for Mvagista Inc. with a target price of HKD 6.00, representing a potential upside of 92.9% from the current price of HKD 3.11 [2][3]. Core Insights - Mvagista Inc. reported strong first-quarter performance with a year-on-year net profit growth of 23% and an adjusted net profit growth of 97%. The non-gaming business revenue contribution reached 29%, up from 19.5% in the same quarter of the previous year [2][3]. - The upgraded smart bidding system has significantly contributed to revenue, with the Mitegral platform's revenue accelerating to a year-on-year growth of 25.4% in Q1 [2][3]. - The company is optimistic about its overall momentum for FY24E, forecasting a revenue growth of 20% and a profit growth of 91% [2][3]. Summary by Sections Financial Performance - Q1 revenue reached USD 301.5 million, reflecting a 23% year-on-year increase. Adjusted net profit for the same period was USD 8.87 million, exceeding expectations by 4% [2][3][8]. - The gross profit margin (GPM) for Q1 was 20.5%, up 1.3 percentage points year-on-year, driven by improved advertising efficiency and disciplined cost management [2][3][8]. Revenue Breakdown - The advertising technology segment saw a year-on-year revenue growth of 23%, with programmatic advertising growing by 25% [2][3]. - Non-gaming revenue, particularly from e-commerce and social media, has become a key growth driver, contributing significantly to the overall revenue [2][3]. Future Outlook - The report projects a revenue increase to USD 1.265 billion for FY24E, with a continued focus on enhancing profitability and expanding into new verticals [10][12]. - The company has reached a settlement regarding the Reyun acquisition, which is expected to alleviate uncertainties surrounding the deal [2][3]. Valuation Metrics - The report provides a sum-of-the-parts (SOTP) valuation, assigning a 20x FY24E P/E to the advertising technology business and a 3.0x FY24E P/S to the majority technology business, leading to a target price of HKD 6.00 [2][3][11].

Investment Rating - The report maintains a "Buy" rating for Mobvista (1860 HK) with a target price of HKD 6 2 [1][3][5] Core Views - Mobvista delivered strong Q1 2024 results with revenue reaching $301 million, up 23 3% YoY, and net profit surging 1 2x YoY to $7 154 million, both hitting record highs [1][2] - The programmatic advertising platform Mintegral remains the primary growth driver, contributing $284 million in Q1 revenue, up 25 4% YoY, with its smart bidding products accounting for over 60% of Mintegral's revenue [2] - Non-gaming revenue grew significantly by 83 2% YoY to $81 million in Q1, driven by expansion into higher-margin mid-core and hardcore games as well as non-gaming verticals like e-commerce and social [2] - Gross margin improved by 1 3pp YoY to 20 5% in Q1, supported by higher margins in both advertising technology (up 1 4pp to 19 7%) and marketing technology (up 2 6pp to 79 3%) [2] - R&D expenses increased by 57 8% YoY to $30 million in Q1, reflecting investments in smart bidding systems and model training [2] - The company has achieved six consecutive quarters of profitability since Q4 2022, with operating leverage continuing to expand [2] Industry Analysis - The EU's Digital Markets Act (DMA), effective March 6, 2024, is expected to foster a more competitive digital advertising market by regulating "gatekeeper" platforms, creating opportunities for smaller players like Mobvista [3] - The DMA is likely to encourage innovation and provide advertisers with more compliant and effective ways to reach target audiences, benefiting companies with advanced advertising technologies [3] Financial Projections - Revenue is projected to grow from $1 2655 billion in 2024E to $1 8721 billion in 2026E, with a CAGR of 18 5% [4][9] - Net profit is expected to increase from $39 1 million in 2024E to $82 7 million in 2026E, with a CAGR of 31 2% [4][9] - Gross margin is forecasted to rise steadily from 20 8% in 2024E to 21 0% in 2026E [4][12] - ROE is projected to improve from 8 2% in 2024E to 13 3% in 2026E, reflecting stronger profitability and efficiency [12]

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。 Mobvista 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） 截至二零二四年三月三十一日止三個月業績公告 | --- | --- | --- | --- | --- | --- | --- | |---------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------- ...