Investment Rating - The report maintains a "Buy" rating for the company [4] Core Viewpoints - The company achieved significant growth in the first half of 2024, with revenue reaching 1.086 billion yuan, a year-on-year increase of 8.80%, and a net profit of 132 million yuan, up 10.44% year-on-year [1] - The company has successfully completed an AI-driven marketing chain, enhancing its digital marketing capabilities and providing comprehensive solutions for overseas expansion [1][2] - The company has demonstrated its ability to empower clients across various industries, leading to improved operational efficiency and cost reductions [2] Financial Overview - In 2024H1, the company generated 1.047 billion yuan from performance advertising, a year-on-year increase of 11.24%, accounting for 96.46% of total revenue [1] - The company expects net profits of 282 million yuan, 357 million yuan, and 432 million yuan for 2024, 2025, and 2026 respectively, representing year-on-year growth rates of 29.8%, 26.8%, and 20.8% [2][3] - The company's P/E ratios are projected to be 22x, 17x, and 14x for the years 2024, 2025, and 2026 respectively [2] Business Performance - The company reported a significant increase in direct client revenue, which rose by 10.18 percentage points to 71.54% in 2024H1 [1] - The overseas revenue accounted for 85.43% of total revenue in 2024H1, indicating a strong international presence [1] - The company has partnered with various brands to enhance their market presence, achieving notable results such as a 57.44% reduction in CPM costs for a client [2]
易点天下：上半年业绩同比高增，AI化营销链路实现闭环