美股科技股观察|AppLovin专题研究：程序化广告领先平台，业绩高增长，AI赋能加速生态飞轮

Industry Overview - The global mobile application market is vast, with 1.56 trillion downloads in 2024, expected to reach 1.89 trillion by 2027 [14] - In-app advertising (IAA) is a crucial monetization method, with the global IAA market projected to reach $352.2 billion in 2024, accounting for over 40% of digital ad revenue [23] - The in-game advertising (IGA) market is a significant driver of IAA growth, with a projected size of $109.6 billion in 2024 and a CAGR of 9.1% from 2024 to 2029 [23] Company Business Model - The company operates in two main segments: software platforms and applications, with the software platform business being the core [32] - The software platform business includes AppDiscovery, MAX, Adjust, Wurl, SparkLabs, AppLovin Exchange, and Array, supported by the AI engine AXON [32] - The applications business consists of over 200 free mobile games across various genres, operated by 11 in-house studios [32] Financial Performance - In 24Q3, the company reported revenue of $1.198 billion, a YoY increase of 38.6% and a QoQ increase of 10.9% [3] - Adjusted EBITDA for 24Q3 was $722 million, with a margin of 60.2%, up from 45.8% in 22Q4 [61] - The software platform business drove growth, with revenue of $835 million in 24Q3, a YoY increase of 65.6% and a QoQ increase of 17.5% [3] AI and Technology - The company's AI engine, AXON, leverages machine learning to optimize ad targeting and improve ad delivery efficiency [33] - AXON 2.0, launched in 2023H1, further enhanced ad monetization and delivery effectiveness, contributing to the company's performance improvement [33] - The company's cloud infrastructure supports large-scale data processing and ensures high flexibility to meet customer needs globally [33] Market Position and Competition - The company holds a leading position in the mobile in-game advertising market, with a 35% share on iOS and 17% on Android in 24Q2 [23] - Competitors include Google Admob, Unity Ads, and Mintegral, with the market being relatively concentrated on iOS and more fragmented on Android [23] Future Outlook - The company is piloting an advertising program in the e-commerce sector, with early data showing promising results, including a 100% increase in traffic [4] - For 24Q4, the company expects revenue between $12.4 billion and $12.6 billion, representing a YoY growth of 30.1% to 32.2% [74] - Adjusted EBITDA for 24Q4 is projected to be between $740 million and $760 million, with a margin of around 60% [74]