AI+广告融合在海外加速兑现

Investment Rating - The report maintains an "Overweight" rating for the internet industry [1]. Core Insights - The integration of AI and advertising is accelerating overseas, with early movers in the market gaining advantages in technology, data accumulation, channel development, and customer resources, which positions them well for the upcoming AI technology iteration [1]. - The EU's Digital Markets Act (DMA) will enhance data accessibility for advertising platforms, allowing them to better serve advertisers by providing necessary data for evaluating ad effectiveness [1]. - Applovin's Q3 2024 earnings exceeded expectations, with a year-over-year revenue growth of 38.6%, driven by its upgraded marketing platform and AI capabilities [1]. Summary by Sections AI and Advertising Integration - The application of AI models in advertising is a key focus, with companies like Applovin demonstrating significant revenue growth due to AI enhancements [1]. - Domestic advertising companies, such as 汇量科技 (Mintegral) and 网易有道, are strengthening their overseas presence and leveraging AI to improve marketing efficiency [1]. Regulatory Environment - The implementation of the EU's DMA will ensure fair access to data for third parties, which is expected to foster growth in advertising platforms [1]. Company Performance - Applovin reported a revenue of $1.198 billion for Q3 2024, marking a 38.6% year-over-year increase, surpassing market expectations by 6% [1]. - 汇量科技's Mintegral platform has significantly improved its smart bidding capabilities, leading to substantial revenue growth across various sectors [1]. - 网易有道's online marketing business has achieved over 40% year-over-year growth for eight consecutive quarters, driven by AI enhancements [1].