Investment Rating - The report initiates coverage with an "Accumulate" rating for the company [5]. Core Views - The company is positioned to benefit from the overseas marketing service wave, with a projected revenue of 24.57 billion yuan in 2024, 27.39 billion yuan in 2025, and 30.11 billion yuan in 2026. Corresponding net profits are expected to be 2.67 billion yuan, 2.95 billion yuan, and 3.26 billion yuan respectively [5][8]. - Earnings per share (EPS) are forecasted at 0.57 yuan for 2024, 0.63 yuan for 2025, and 0.69 yuan for 2026, with price-to-earnings (P/E) ratios of 60.47, 54.74, and 49.56 respectively [5][8]. Financial Summary - Revenue Forecast: 2022A: 23.06 billion yuan, 2023A: 21.43 billion yuan, 2024E: 24.57 billion yuan, 2025E: 27.39 billion yuan, 2026E: 30.11 billion yuan [8]. - Net Profit: 2022A: 2.62 billion yuan, 2023A: 2.17 billion yuan, 2024E: 2.67 billion yuan, 2025E: 2.95 billion yuan, 2026E: 3.26 billion yuan [8]. - EPS: 2022A: 0.56 yuan, 2023A: 0.46 yuan, 2024E: 0.57 yuan, 2025E: 0.63 yuan, 2026E: 0.69 yuan [8]. - P/E Ratio: 2022A: 61.69, 2023A: 74.51, 2024E: 60.47, 2025E: 54.74, 2026E: 49.56 [8]. Business Insights - The company focuses on overseas marketing services, with over 80% of its revenue coming from international markets. The main revenue streams include performance advertising services and management services for top media accounts, contributing 94.64% and 5.07% to total revenue respectively [5][8]. - The company has a strong cash position and announced a cash dividend of 0.25 yuan per share for the first three quarters of 2024 [5][8].
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