Investment Rating - The report assigns a "Buy" rating to the company with a target price of RMB 20.65 [1]. Core Insights - The company is a leading provider of overseas intelligent marketing services, benefiting from the trend of Chinese companies expanding abroad, particularly in the B2C e-commerce and entertainment sectors [1][10]. - The company has accumulated rich global media and client resources, having served over 5,000 advertisers across various industries, which strengthens its competitive position [2][14]. - The integration of AI technologies is expected to contribute to revenue growth, with the launch of platforms like KreadoAI and the data analysis platform, enhancing advertising service efficiency [3][11]. Summary by Sections Company Overview - The company specializes in performance advertising services and head media account management, providing marketing solutions for cross-border e-commerce, mobile applications, and gaming industries [10][14]. - It has established partnerships with major media platforms such as Google, Meta, and ByteDance, as well as various mid-tail media [2][14]. Financial Analysis - The company’s revenue is projected to grow from RMB 2.6 billion in 2024 to RMB 3.6 billion in 2026, with net profit expected to increase from RMB 280 million in 2024 to RMB 442 million in 2026 [5]. - The gross margin for mid-tail media advertising is significantly higher than that of head media, indicating a strategic advantage in this segment [4][24]. AI and Technology Integration - The company has developed an AI product matrix that includes KreadoAI and a smart business system, which enhances the precision and efficiency of advertising placements [3][11]. - The introduction of a full-chain digital marketing service model, combining AI, BI, and CI, is expected to drive commercial growth in overseas markets [11][14]. Market Position and Growth Potential - The company is well-positioned to capitalize on the increasing demand for overseas marketing services driven by favorable government policies and the growing trend of Chinese companies going global [2][10]. - The focus on mid-tail media is anticipated to lead to increased advertising budgets and improved profit margins as advertisers seek to engage new and existing customers more effectively [4][12].
易点天下：深耕出海营销，中长尾媒体驱动成长