Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The company is a global marketing service provider with steady revenue growth, reporting total revenue of 1.09 billion yuan in H1 2024, a year-on-year increase of 8.8%, with overseas business revenue accounting for 85.4% of total revenue [5] - The comprehensive gross margin is 21.1%, which is a decrease of nearly 3 percentage points year-on-year [5] - The net profit attributable to the parent company is 132 million yuan, reflecting a year-on-year increase of 10.4% [5] - The company has strengthened its technological and research advantages, launching a comprehensive digital solution for overseas expansion in May 2024 [5] Financial Performance - In H1 2024, the company's internet marketing revenue reached 1.08 billion yuan, representing a year-on-year increase of 8.6% [5] - The number of direct customers increased to 580, up by 191 year-on-year, with advertising revenue from direct customers reaching 770 million yuan, a year-on-year increase of 26.6% [5] - The operating cash flow net amount was 130 million yuan, a significant year-on-year increase of 662.5% [5] Earnings Forecast and Valuation - The company is expected to achieve total revenues of 2.44 billion yuan, 2.74 billion yuan, and 3.05 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 13.8%, 12.5%, and 11.1% [6] - The net profit attributable to the parent company is projected to be 298 million yuan, 374 million yuan, and 439 million yuan for the same years, with growth rates of 37.2%, 25.6%, and 17.3% [6] - The company is assigned a valuation range of 18.90 to 22.05 yuan per share based on a PE ratio of 30-35 times for 2024 [6]
易点天下：公司半年报点评：国际化智能营销服务商，业绩持续稳健向上