传媒：AI改善营销效果，应用内推广拓宽场景

Investment Rating - The industry investment rating is "Leading the Market (Maintain)" indicating an expected outperformance of over 10% compared to the relevant market index in the next 6-12 months [1][2]. Core Insights - AppLovin reported a revenue of $1.2 billion for Q3 2024, a year-on-year increase of 39%, with net income reaching $434 million, reflecting a 300% growth [1]. - The AXON AI advertising engine contributed $835 million in revenue, marking a 66% year-on-year increase, with an adjusted profit margin of 78% [1]. - AI-driven marketing diversifies media channels and enhances user profiling accuracy, leading to improved conversion rates [1]. - The report highlights a significant shift towards mobile advertising, with in-app advertising spending in the U.S. expected to exceed $200 billion by year-end, a 15% increase year-on-year [1]. - Global advertising spending is projected to reach $400 billion, with in-app advertising accounting for 81.9% of mobile ad expenditures [1]. Summary by Sections Company Performance - AppLovin's Q3 2024 revenue was $1.2 billion, up 39% year-on-year, with net income of $434 million, a 300% increase [1]. - The software platform revenue from AXON AI reached $835 million, growing 66% year-on-year [1]. Market Trends - The report indicates a growing trend of consumer shopping behavior shifting towards mobile platforms, with multi-channel marketing strategies becoming increasingly important [1]. - By 2026, global mobile app downloads are expected to reach 181 billion, with consumer spending projected at $233 billion [1]. Investment Recommendations - The report suggests focusing on companies such as BlueFocus, Yidian Tianxia, Kunlun Wanwei, and others as potential investment opportunities in the media sector [1].