Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has demonstrated robust revenue and profit growth in Q1 2025, with a significant year-over-year revenue increase of 93.18% [5][6] - The company is positioned as a leading player in overseas marketing services, leveraging AI technology to enhance advertising efficiency and effectiveness [11] Financial Performance Summary - In 2024, the company reported revenue of 2.547 billion yuan, representing a year-over-year increase of 18.83%, and a net profit of 232 million yuan, up 6.81% [5][8] - For Q1 2025, the company achieved revenue of 929 million yuan, a remarkable increase of 93.18%, with a net profit of 56 million yuan, reflecting an 11.67% growth [5][8] - The gross margin for 2024 was 18.58%, while the gross margin for Q1 2025 was 16.13%, indicating an increase in traffic costs [8] Business Structure and Growth Drivers - The company's revenue from performance advertising in 2024 was 2.484 billion yuan, accounting for 97.52% of total revenue, with a year-over-year growth of 22.45% [8] - The company has diversified its advertising client base, with significant contributions from e-commerce and other industries [8][9] - The integration of AI in programmatic advertising has improved operational efficiency, reducing task execution time by over 30% and lowering computing resource costs by approximately 25% [9] Future Projections - Revenue projections for 2025, 2026, and 2027 are 3.301 billion yuan, 3.842 billion yuan, and 4.298 billion yuan, respectively, with corresponding net profits of 301 million yuan, 372 million yuan, and 424 million yuan [10][11] - The company is expected to maintain a strong growth trajectory, with a projected revenue growth rate of 30% in 2025 [10][11]

据中国政府网消息，4月25日，国务院发布关于同意在海南全岛和秦皇岛等15个城市（地区）设立跨境电子商务综合试验区的批复（简称"批复"）。 从资金流向上来看，多股4月14日以来获得杠杆资金加仓，华贸物流、怡亚通、德邦股份融资净买入额分别为1.19亿元、0.89亿元、0.7亿元。 | | | 冷买入居前的跨境电商股 | | | | --- | --- | --- | --- | --- | | 代码 | 间称 | 4月14日以来 | 4月14日以来融资 | 总市值 | | | | 涨跌幅 (%) | 净买入 (亿元) | (亿元) | | 603128 | 华贸物流 | 8.50 | 1.19 | 86.92 | | 002183 | 怡加通 | 1.93 | 0.89 | 123.36 | | 603056 | 德邦股份 | -2.90 | 0.70 | 136.55 | | 301171 | 易点天下 | 17.51 | 0.68 | 126.70 | | 002537 | 避联会汇 | 35.91 | 0.58 | 105.31 | | 000417 | 合百集团 | -2.88 | 0.37 | 47.4 ...

公司通过与DeepSeek 合作，私有化部署其高性能、低成本的开源大模型，显著提升广告创意生成效 率，降低了推理成本。此外，公司还通过AIGC 技术构建了AI 创意素材生成服务，满足多应用场景的融 合。 积极拓展新业态客户，媒体资源多维度扩充。2024 年，公司持续夯实与跨境电商、游戏与泛娱乐等行 业的合作，同时公司积极拓展短剧、AI 应用、新能源汽车、餐饮消费等新赛道新业态客户， 包括枫叶 互动旗下短剧APPReelShort、女性休闲阅读APP Dreame、AI 工具类应用POPAI、AI 社交类应用Talkie 等，以及代表中国智能制造的乐歌股份，代表新消费品类的库迪咖啡、霸王茶姬等。在媒体资源积累方 面，2024 年公司成为了亚马逊广告合作伙伴和AppLovin 大中华区首家电商一级代理，在与包括谷歌、 Meta、微软、TikTok for Business、Kwai for Business 等在内的全球头部媒体稳定合作之外，公司的中长 尾媒体合作伙伴不断壮大。 盈利预测：公司积极拓展新业态客户，媒体资源多维度扩充，我们预计公司2025-2027 年分别实现归母 净利润3.27/3.88/4.27 ...

Core Viewpoint - The company, 易点天下, is experiencing significant growth through strategic transformation and technological advancements in the context of the global AI-driven business landscape [1]. Financial Performance - In 2024, the company achieved a revenue of 2.547 billion yuan, representing a year-on-year increase of 18.83%, and a net profit attributable to shareholders of 232 million yuan, up 6.81% [1]. - The first quarter of 2025 saw explosive growth with a single-quarter revenue of 929 million yuan, nearly doubling year-on-year with a growth rate of 93.18% [1][3]. - The operating cash flow reached 473 million yuan in 2024, marking a substantial increase of 219.29% [3]. Strategic Transformation - The company is leveraging structural opportunities in the programmatic advertising market by becoming the first agent for Applovin in Greater China and utilizing its self-developed AI platform, zMaticoo, for precise operation of mid-tail traffic [1]. - The strategic layout has shifted to include short drama marketing, AI application services, and positioning in the new energy vehicle sector, alongside traditional strengths in cross-border e-commerce and gaming [1][3]. Industry Diversification - Over the past year, Chinese companies have diversified into various sectors, including new energy vehicles, AI products, gaming, and short dramas, expanding beyond traditional consumer electronics and apparel [2]. - 易点天下 has expanded its service offerings to include new industries such as short dramas, AI applications, and new energy vehicles, with a 23.31% revenue growth from application and agency clients in 2024 [3]. Technological Advancements - The company invested 96.91 million yuan in research and development in 2024, an increase of 11.77% year-on-year, to enhance service capabilities [4]. - It launched an "AI+BI+CI" digital marketing solution and developed several AI-driven products, including the AIGC digital marketing creation platform, data analysis and growth model platform, and intelligent multi-cloud management platform [4][5]. Market Positioning - The company aims to meet the diverse needs of medium to large overseas enterprises while providing tailored solutions for emerging client groups in short dramas and AI tools [6].

得益于中企出海潮的带动效应和自身技术与服务能力持续提升，易点天下在长期服务中大型出海客户以 及紧抓新兴出海赛道机遇上已展现出明显优势。易点天下同日披露的2025年第一季度报告显示，公司今 年第一季度实现营业收入9.29亿元，同比增长93.18%，归属上市公司股东的净利润5594.12万元，同比 增长11.67%，归属上市公司股东的扣除非经常性损益净利润6124.40万元，同比增长30.78%。 公司同期披露了分红情况。2024年易点天下拟向全体股东每10股派发现金红利1.16元(含税)。叠加前三 季度分红、回购，全年分红和回购总额预计为7648.18万元，占本年度归属于上市公司股东净利润的比 例为32.99%。 作为国内率先布局AIGC战略的营销科技公司，易点天下2024年研发投入9691.08万元，同比增长 11.77%。公司通过将前沿AI科技与智能营销广告技术进行深度融合，积极拓宽出海服务范围与行业覆 盖，驱动营收与盈利能力强劲增长。 本报讯(记者殷高峰)4月24日晚，易点天下（301171）网络科技股份有限公司(以下简称"易点天下")披露 2024年年报以及2025年第一季度报告。2024年，公司实现营 ...

【环球网财经综合报道】4月24日晚间，上市公司易点天下（301171.SZ）公布了2024年度业绩报告，全年实现营业收入25.47亿元、同比增长 18.83%，实现归母净利润2.32亿元同比增长6.81%。同时，公司宣布拟向全体股东每10股派发现金红利1.16元（含税），叠加前三季度分红、回 购，全年分红和回购总额预计为7648.18万元，占本年度归属于上市公司股东净利润的比例为32.99%。 年报显示，易点天下已服务上万家企业实现全球商业增长。前沿AI技术与产品服务的深度融合下，公司在夯实跨境电商、游戏与泛娱乐等传统领 域同时，正迅速向短剧、AI应用、新能源汽车等新兴领域扩围，带动盈利能力及服务边界不断提升。 过去一年，中国出海企业领域向多元化迈进。包括新能源汽车、AI产品、《黑神话·悟空》、短剧，出海品牌已经从消费电子、服饰、家居等延伸 到了汽车、游戏、影视等快速增长的赛道，并涌现出了一批获得全球消费者认可的中国品牌。 新兴赛道中的出海佼佼者们涌现，为易点天下带来了全新增长点，深度参与了中国企业全球化征程，发展脉络与出海浪潮高度重合。 以海外短剧市场头部APP《ReelShort》为例，2022年8月，由 ...

证券研究报告 | 年报点评报告 gszqdatemark 2025 04 25 年 月 日 易点天下（301171.SZ） 境外收入持续扩张，2025Q1 收入显著高增 股价走势 -30% 6% 42% 78% 114% 150% 2024-04 2024-08 2024-12 2025-04 易点天下 沪深300 作者 业绩概览：公司发布 2024 年年报及 2025 年一季报。2024 年，公司实现营业 收入 25.47 亿元，同比增长 18.83%；实现归母净利润 2.32 亿元，同比增长 6.81%；实现扣非归母净利润 2.17 亿元，同比增长 30.10%。2025Q1，公司 实现营业收入 9.29 亿元，同比增长 93.18%；实现归母净利润 5594.12 万元， 同比增长 11.67%；实现扣非归母净利润 6124.40 万元，同比增长 30.78%。 境内境外收入同步高增，直接类客户占比持续提升。分地区来看，2024 年公 司实现境外收入 22.01 亿元，同比增长 17.39%，境外收入占总收入比重为 86.43%；2024 年公司实现境内收入 3.46 亿元，同比增长 28.85%，占总 ...

证券研究报告 | 年报点评报告 gszqdatemark 2025 04 25 年 月 日 资料来源：Wind，国盛证券研究所 注：股价为 2025 年 04 月 24 日收盘价 | 买入（维持） | | | --- | --- | | 股票信息 | | | 行业 | 广告营销 | | 前次评级 | 买入 | | 04 月 24 日收盘价（元） | 26.65 | | 总市值（百万元） | 12,575.76 | | 总股本（百万股） | 471.89 | | 其中自由流通股（%） | 65.43 | | 30 日日均成交量（百万股） | 19.99 | 易点天下（301171.SZ） 境外收入持续扩张，2025Q1 收入显著高增 业绩概览：公司发布 2024 年年报及 2025 年一季报。2024 年，公司实现营业 收入 25.47 亿元，同比增长 18.83%；实现归母净利润 2.32 亿元，同比增长 6.81%；实现扣非归母净利润 2.17 亿元，同比增长 30.10%。2025Q1，公司 实现营业收入 9.29 亿元，同比增长 93.18%；实现归母净利润 5594.12 万元， 同比增长 11.67 ...

Core Viewpoint - 2024 is widely regarded as the "Year of AI Explosion," with 易点天下 (301171.SZ) reporting impressive financial results, including a revenue of 2.547 billion yuan, a year-on-year increase of 18.83%, and a net profit of 232 million yuan, up 6.81% year-on-year [1] Financial Performance - In 2024, 易点天下's revenue reached 2.547 billion yuan, representing an 18.83% year-on-year growth, while the net profit attributable to shareholders was 232 million yuan, reflecting a 6.81% increase [1] - The company plans to distribute a cash dividend of 1.16 yuan per 10 shares, with total dividends and buybacks for the year expected to amount to 76.4818 million yuan, accounting for 32.99% of the net profit [1] - In Q1 2025, the company continued its growth trajectory, achieving a revenue of 929 million yuan, a 93.18% year-on-year increase, and a net profit of 61.244 million yuan, up 30.78% [2] Market Expansion and Diversification - 易点天下 has expanded its services beyond traditional sectors like cross-border e-commerce and gaming to emerging fields such as short dramas, AI applications, and new energy vehicles [3] - The company has successfully assisted various clients in entering overseas markets, including the short drama app ReelShort, which achieved significant market penetration in North America [3] - The revenue from applications, agents, and other types of clients grew by 23.31% in 2024, indicating a clear diversification of its business [3] Strategic Partnerships and Media Resources - In 2024, 易点天下 became a partner of Amazon Advertising and the first-level agent for AppLovin in Greater China, enhancing its media resource capabilities [4] - The company has served over 10,000 enterprises globally, achieving over 800 million commercial effect conversions and covering more than 70 billion independent devices across 200+ countries [4] Digital Marketing Solutions - 易点天下 is focused on building a comprehensive digital marketing ecosystem, enhancing its service capabilities and product differentiation [5] - The company invested 96.9108 million yuan in R&D in 2024, a year-on-year increase of 11.77%, and launched several AI-driven products and solutions [6] - The AIGC digital marketing creation platform KreadoAI has achieved significant technological advancements, serving over 200 million users globally [7] Service Expansion and Industry Solutions - The company is addressing the diverse needs of medium to large enterprises and emerging clients by developing vertical industry solutions [8] - The Cycor FinOps multi-cloud cost optimization solution has managed over 1.1 billion yuan in funds, achieving an average cost optimization of 31.5% [8] - 易点天下 aims to support the creation of 1,000 global brands and serve 100,000 enterprise clients, positioning itself as a leading independent advertising platform [8]

证券研究报告 易点天下 (301171 CH) 25Q1 营收高增，大力拓展程序化广告 华泰研究 年报点评 2025 年 4 月 25 日│中国内地 营销 维持"买入"评级 考虑到公司大力发展程序化广告，毛利率承压，我们调整 25-27 年归母净利 预测至 3.05/4.02/5.76 亿元（25-26 年调整幅度-13.6%/-9.1%），可比公司 25 年 PE 平均估值 46X（前值 25 年 26X），考虑公司 AI 布局赋能主业，中 长尾媒体效果营销优势明显，我们给予 25 年 48X PE 估值，目标价 31.2 元 （前值 24 元，对应 25 年 32XPE），维持"买入"评级。 易点天下发布 24 年报&25Q1 季报，24 年营收 25.47 亿元（yoy+18.83%）， 归母净利 2.32 亿元（yoy+6.81%），低于我们之前预计（2.8 亿元），主因拓 展程序化广告业务，毛利率回落。扣非净利 2.17 亿元（yoy+30.10%）；25Q1 营收 9.29 亿元（yoy+93.18%），归母净利 0.56 亿元（yoy+11.67%），扣非 归母净利润 0.61 亿元（yoy+3 ...