蓝色光标：出海业务增长亮眼，行业竞争下毛利率承压

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index in the next six months [8]. Core Insights - The company's overseas business has shown significant growth, contributing to overall revenue increase, with a 49.86% year-on-year growth in overseas revenue, reaching 238 billion yuan, which now accounts for 77.10% of total revenue [2]. - The company's gross margin has declined to 2.97%, down 1.64 percentage points year-on-year, primarily due to intensified competition in the domestic online advertising market and a shift in revenue structure towards lower-margin overseas operations [2]. - The company is actively enhancing its AI product offerings, with initiatives such as the development of xR+AI content and the introduction of AI digital human live streaming, which have improved operational efficiency and customer value [2]. Financial Summary - For the first half of 2024, the company reported revenue of 30.858 billion yuan, a year-on-year increase of 40.33%, while the net profit attributable to shareholders was 183 million yuan, a decrease of 35.74% year-on-year [1]. - The projected revenues for 2024, 2025, and 2026 are 62.481 billion yuan, 69.554 billion yuan, and 75.362 billion yuan, respectively, with net profits expected to be 357 million yuan, 455 million yuan, and 594 million yuan [2]. - The company's P/E ratio is projected to decrease from 43 times in 2024 to 25.9 times in 2026, indicating an improving valuation as earnings grow [1][2].