Investment Rating - The report maintains a "Buy" rating for the company [7]. Core Insights - The company reported a revenue of 2.547 billion yuan for 2024, representing an 18.83% year-on-year growth, and a net profit attributable to shareholders of 232 million yuan, up 6.81% year-on-year. For Q1 2025, the revenue reached 929 million yuan, showing a significant year-on-year increase of 93.18%, with a net profit of 56 million yuan, up 11.67% year-on-year. The company plans to distribute a cash dividend of 1.16 yuan per 10 shares (tax included) [2][4]. - The company is focused on leveraging AI technology to enhance global smart marketing and is adopting AIGC to lead a new strategy for brands going overseas. The integration of AIGC with the company's business is expected to improve efficiency and quality [2]. Revenue and Profit Growth - The company's revenue growth is driven by increased spending from e-commerce clients and the expansion of programmatic advertising, with revenue from performance advertising services increasing by 22.45%, raising its revenue share from 94.63% to 97.52% [10]. - In Q1 2025, the significant increase in revenue was primarily due to the rise in performance advertising service income, although the cost of traffic acquisition surged by 118.60%, leading to a decline in gross margin to 16.13% [10]. Technological Advancements - The company upgraded its programmatic advertising algorithms, achieving a sevenfold increase in reasoning efficiency and reducing task execution time by over 30%, which enhances advertising precision and lowers computational resource costs by approximately 25% [10]. - The programmatic advertising platform, zMaticoo, holds a 37% market share in open programmatic advertising sales and has been recognized as the top seller in the Asia-Pacific region by Pixalate [10]. Business Expansion - The company is expanding its service offerings from performance advertising and brand advertising to a comprehensive outbound service model that includes marketing services and digital services, targeting new consumption, short dramas, and AI industry clients [10]. - The company has successfully entered overseas markets for new consumption and short drama clients, and its brand Cyberklick has become the first-level agent for AppLovin in Greater China [10]. Incentive Plans - The company plans to implement a new round of equity incentives, granting up to 12 million restricted stock options, accounting for approximately 2.54% of the total share capital, to 119 individuals, including directors, executives, and key technical personnel [10]. Profit Forecast - The company is expected to achieve net profits attributable to shareholders of 284 million yuan and 382 million yuan in 2025 and 2026, respectively, with corresponding price-to-earnings ratios of 44.61 and 33.15 [10].
易点天下（301171）：收入增长持续加速，程序化广告赋能业务