INLY(603598) 海通国际·2024-12-31 00:34Investment Rating - The report assigns an 'Outperform' rating to the company, with a target price of RMB 19.80 per share based on a 2025 PE of 55x [43][50] Core Viewpoints - The company is strategically positioned for high revenue growth, with a focus on digital marketing, social business, and e-commerce [30][39][55] - It is exploring short drama business and overseas expansion, integrating brand products into short drama plots and forming an overseas marketing service system [11][99] - The company has a strong creative team and has launched AIGC products like 'Creative Assistant', 'Video Assistant', and 'General Assistant' [30][81] Financial Performance and Forecast - Total revenue for 2024-2026 is forecasted at RMB 6.13 billion, RMB 7.93 billion, and RMB 10.11 billion, with NPAtS of RMB 42 million, RMB 97 million, and RMB 153 million respectively [43][50] - Digital marketing revenue is expected to grow at 30%, 30%, and 28% for 2024-2026, while media agency revenue growth is projected at 5%, 3%, and 2% [43][50] - In Q3 2024, total revenue was RMB 1.48 billion (YoY +26.7%), with NPAtS of RMB 1.65 million (YoY -48%) [36][49] Business Strategy and Market Position - The company has transformed into a digital and content-driven integrated marketing communication firm, with a multi-screen resource integration system [8] - It maintains long-term partnerships with top brands and internet unicorns, and has a strong media network including TV, online video, OTT, mobile terminals, and outdoor LED [8] - The company is focusing on high-growth sectors like 3C, retail, beauty, and pet care, and plans to develop a social SAAS platform starting with 'product seeding' [39][55] Industry and Competitive Landscape - The company is compared to peers like BlueFocus, Zhewen Interconnected, and Tianxia Show, with a 2025 PE valuation of 55x, higher than the peer average of 46x [41][50] - It has a competitive edge in content marketing and is leveraging emerging trends like short dramas and AI applications [30][81]