Investment Rating - The investment rating for the company is "Buy" (maintained) [4][11]. Core Insights - The company experienced significant revenue growth in H1 2025, with revenue reaching $940 million, a year-on-year increase of 47%, and net profit of $32 million, a year-on-year increase of 340% [4]. - The gross margin improved to 21.44%, up by 0.88 percentage points, while the net margin increased to 3.44%, up by 2.29 percentage points [4]. - The growth is attributed to the continuous iteration of the AI-driven smart bidding system and the strengthening of the company's flywheel effect, which enhances economies of scale [4]. - Revenue forecasts for 2025-2027 have been revised upwards, with expected revenues of $2.38 billion, $2.93 billion, and $3.57 billion respectively [4]. - The company is expected to maintain a strong contribution to revenue growth through its Mintegral platform, which has seen a significant increase in developer participation [5]. Financial Summary and Valuation Metrics - Revenue for 2023 is projected at $1.054 billion, with a year-on-year growth of 17.9%, and is expected to reach $2.381 billion in 2025, reflecting a growth of 57.9% [7]. - Net profit is forecasted to increase from $25 million in 2023 to $124 million in 2025, representing a year-on-year growth of 607.5% [7]. - The company’s gross margin is expected to improve from 20.6% in 2023 to 23.6% in 2025, while the net margin is projected to rise from 2.3% to 5.2% over the same period [7]. - The price-to-earnings (P/E) ratio is expected to decrease from 132.5 in 2023 to 26.3 in 2025, indicating a more attractive valuation as earnings grow [7].
汇量科技（01860）：收入大增且净利率大升，AI赋能飞轮效应继续释放