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 and efficiency improvements through partnerships [3]. Financial Performance - The company forecasts net profits of 327 million yuan, 388 million yuan, and 427 million yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 38.4, 32.4, and 29.5 [4][6]. - The company's revenue is projected to grow significantly, with estimates of 3.82 billion yuan in 2025, 4.355 billion yuan in 2026, and 4.791 billion yuan in 2027, reflecting a growth rate of 50% in 2025 [6][4]. Business Segmentation - In 2024, the company's performance in advertising marketing saw a revenue increase of 22.45% to 2.484 billion yuan, making up 97.52% of total revenue, while advertising sales agency revenue declined by 45.98% to 59 million yuan [2]. - 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 and partnerships with major platforms like Amazon and AppLovin [4].
易点天下：境外收入持续扩张，2025Q1收入显著高增-20250425