Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Insights - The company achieved significant revenue growth, with 2024 revenue reaching 2.547 billion yuan, a year-on-year increase of 18.83%, and Q1 2025 revenue at 929 million yuan, up 93.18% year-on-year [1][2]. - The company is expanding its overseas revenue, which reached 2.201 billion yuan in 2024, accounting for 86.43% of total revenue, while domestic revenue was 346 million yuan, representing 13.57% [2]. - The company's AI-driven programmatic advertising platform, zMaticoo, holds a 37% market share in open programmatic advertising sales in the Asia-Pacific region, indicating strong performance [3]. Financial Performance - The company reported a net profit of 232 million yuan in 2024, a 6.81% increase year-on-year, and a net profit of 55.94 million yuan in Q1 2025, up 11.67% year-on-year [1]. - The forecast for net profit is projected to be 327 million yuan in 2025, 388 million yuan in 2026, and 427 million yuan in 2027, with corresponding P/E ratios of 38.4, 32.4, and 29.5 [4][6]. - The company's revenue is expected to grow significantly, with estimates of 3.82 billion yuan in 2025, 4.36 billion yuan in 2026, and 4.79 billion yuan in 2027 [6]. Business Development - The company is actively expanding its client base in new sectors such as cross-border e-commerce, gaming, and AI applications, enhancing its media resources [4]. - The direct client revenue ratio increased by 5.81 percentage points to 74.85% in 2024, reflecting the company's strong technical capabilities [2].
易点天下（301171）：境外收入持续扩张，2025Q1收入显著高增