Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company reported a revenue of 848 million yuan in 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 actively expanding its customer base and market presence, focusing on AI-enabled marketing and efficiency improvements [3] - Despite a decline in high-end consumer spending, the company retains its leading position in the luxury brand experience marketing sector, with a market share of 13.8% in 2024 [2] Financial Performance - Revenue breakdown shows that experience marketing services generated 653 million yuan, down 14.3% year-on-year, while digital marketing and promotion services brought in 178 million yuan, down 5.4% [2] - The company's gross margin for 2024 was 30.0%, a decrease of 0.8 percentage points year-on-year, attributed to reduced revenue [4] - The net profit margin for 2024 was 10.3%, down 1.9 percentage points year-on-year, with total net profit decreasing by 26.2% to 87 million yuan [4] Strategic Focus - The company aims to enhance operational efficiency through AI tools and expand its geographic reach, particularly in Southeast Asia, with a new office established in Singapore [3] - Future strategies include diversifying the customer base beyond traditional luxury brands to include sectors like sportswear, beauty, and high-end alcoholic beverages [3] Financial Projections - Revenue projections for 2025-2027 are adjusted to 970 million yuan, 1.087 billion yuan, and 1.201 billion yuan, respectively, with net profit estimates of 92 million yuan, 104 million yuan, and 116 million yuan [4] - The current price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are projected at 6.8, 6.0, and 5.4 times, respectively [4]
艾德韦宣集团（09919）：积极拓展客群及市场，布局AI赋能营销与提效