Group 1 - The core viewpoint of the report is that 汇量科技 (01860) is positioned as a leader in the domestic programmatic advertising sector, driven by a data-algorithm flywheel that enhances growth potential [1] - The company is expected to achieve revenues of $20.6 billion, $26.7 billion, and $37.3 billion from 2025 to 2027, with adjusted net profits of $0.88 billion, $1.31 billion, and $2.19 billion respectively [1] - The report assigns a target price of HKD 24.63 per share based on a 38x PE valuation for 2026, translating to a market capitalization of approximately HKD 387.6 billion [1] Group 2 - The company has launched IAP (In-App Purchase) smart bidding products in April and July 2025, which are expected to enhance the precision of advertising algorithms and improve ROAS and profit margins [2] - The gaming market's IAP monetization is becoming mainstream, with a market size 4.6 times that of IAA (In-App Advertising), indicating significant growth potential for the company's core advertising business [2] - The company has observed a high growth trend in mid-to-heavy game user acquisition since Q2 2025, driven by the IAP smart algorithm [2] Group 3 - The non-gaming advertising market presents substantial long-term growth opportunities, with e-commerce advertising expected to be 2.7 times larger than gaming advertising in 2024 [3] - The company plans to launch a Target CPE smart bidding product for non-gaming categories in 2024, which has already shown initial growth trends after a year of ramp-up [3] - With a current penetration rate of less than 1%, there is significant expansion potential in the non-gaming advertising market, which is expected to support long-term revenue growth for the company [3]