Investment Rating - The report maintains a "Buy" rating for the company [7] Core Insights - The company reported a revenue of 848 million yuan for 2024, a decrease of 12.4% year-on-year, and a net profit of 79 million yuan, down 26.6% year-on-year [1] - The company is focusing on expanding its customer base and market presence, particularly through AI-enabled marketing and efficiency improvements [3] - The company plans to distribute a final dividend of 0.037 HKD per share and a special dividend of 0.033 HKD per share [1] Revenue Breakdown - Experience marketing services generated revenue of 653 million yuan, accounting for 77% of total revenue, with a year-on-year decline of 14.3% [2] - Digital marketing and promotion services achieved revenue of 178 million yuan, representing 21% of total revenue, with a year-on-year decline of 5.4% [2] - IP expansion business generated revenue of 17 million yuan, accounting for 2% of total revenue, with a year-on-year decline of 1.8% [2] Regional Performance - Revenue from mainland China was 767 million yuan, accounting for 90.4% of total revenue, with a year-on-year decline of 11.6% [2] - Revenue from Hong Kong and Singapore was 81 million yuan, accounting for 9.6% of total revenue, with a year-on-year decline of 18.8% [2] Strategic Focus for 2025 - The company aims to enhance integrated marketing services through AI-driven solutions and personalized marketing activities [3] - The company is focused on improving operational efficiency and expanding its customer base to include diverse sectors such as sportswear and high-end alcoholic beverages [3] - The establishment of an office in Singapore is part of the strategy to tap into the growing high-end consumer market in Southeast Asia [3] Financial Metrics - The company's gross margin for 2024 was 30.0%, a decrease of 0.8 percentage points year-on-year [4] - The net profit margin for 2024 was 10.3%, down 1.9 percentage points year-on-year [4] - The projected revenues for 2025, 2026, and 2027 are 970 million yuan, 1,087 million yuan, and 1,201 million yuan respectively, with corresponding net profits of 92 million yuan, 104 million yuan, and 116 million yuan [4][6]
艾德韦宣集团：积极拓展客群及市场，布局AI赋能营销与提效-20250318