INSIGHT(SZ:300781) Huajin Securities·2025-04-10 00:23Investment Rating - The investment rating for the company is "Accumulate (Maintain)" [5] Core Views - The company has shown significant growth in overseas revenue and continues to invest in AIGC product development [1] - The company reported a revenue of 883 million yuan in 2024, a year-on-year increase of 64.68%, despite a net loss of 45 million yuan due to goodwill impairment [6] - The overseas revenue reached 232 million yuan, accounting for 26.25% of total revenue, with a staggering year-on-year growth of 2,115.45% [6] - The company is actively developing AI-related products, with a focus on commercializing its self-developed marketing AI application [6] Financial Data and Valuation - Revenue projections for the company are as follows: - 2023A: 536 million yuan - 2024A: 883 million yuan - 2025E: 1,049 million yuan - 2026E: 1,824 million yuan - 2027E: 2,062 million yuan - Year-on-year growth rates for revenue are projected at 10.5% for 2023, 64.7% for 2024, and 18.8% for 2025 [3] - The projected net profit for 2025 is 46 million yuan, with an EPS of 0.42 yuan [6] - The company’s P/E ratio is expected to decrease from 107.7 in 2025 to 38.1 by 2027 [3][6] Business Performance - The company’s main business is advertising, which accounted for 99.91% of total revenue in 2024, with a significant year-on-year growth of 64.66% [6] - The effect marketing segment has shown a remarkable growth of 358%, while digital integrated marketing revenue increased by 246.81% [6] - The company is focusing on enhancing its vertical industry advantages and exploring differentiated marketing strategies in the e-commerce ecosystem [6]