传媒行业专题：AI应用到底在涨什么？

Investment Rating - The report assigns a "Buy" rating for the industry, maintaining the previous "Buy" rating [1] Core Insights - AI remains one of the strongest narratives in the technology sector, with a focus on application-driven investment opportunities. The acceleration of AI model and application deployment is expected to create new demand for hardware [1][5] - The recent surge in AI applications is primarily driven by the strong performance of software stocks like AppLovin, which has demonstrated the effectiveness of AI-driven advertising [1][5] - The commercial viability of AI applications has been validated, with revenue covering token costs being a prerequisite for industry investment [1][5] Summary by Sections AI Marketing Trends - AppLovin's performance has exceeded expectations, with Q3 2024 revenue reaching $1.2 billion, a year-on-year increase of 39%, and an EBITDA margin of 60% [5][6] - The software platform revenue, including AI-driven AppDiscovery, grew to $835 million, up 66% year-on-year [5][6] - The stock price of AppLovin surged by 46% on the day of its earnings release, reflecting a year-to-date increase of 630% [5][6] Financial Data Analysis - AppLovin's business is primarily driven by its software platform, which is expected to continue its growth trajectory. Revenue projections for 2024-2026 are $4.592 billion, $5.549 billion, and $6.582 billion, respectively, with year-on-year growth rates of 40%, 21%, and 19% [26][27] - The adjusted net profit for 2024 is projected to be $1.405 billion, representing a 294% increase year-on-year [26][27] Investment Opportunities - The report suggests focusing on AI marketing, AI e-commerce, AI audio, AI video, and AI hardware as potential investment themes for 2025, reflecting government support and alignment with policy directions [33][34] - Specific companies to watch include TianDiZaiXian, YiDianTianXia, and BlueFocus in the AI marketing space, and Kunlun Wanwei and Wanjing Technology in AI applications [34]