Investment Rating - The report maintains a "Buy" rating for the company with a target price of 26.40 yuan per share [6] Core Views - The company's Q1 2024 performance exceeded expectations, with revenue of 481 million yuan, up 1.66% YoY, and net profit attributable to the parent company of 50.09 million yuan, up 21.23% YoY [1] - The company's AI marketing tool, Kreado AI, has over 1 million registered users and a monthly user visit volume of over 1 million, with a monthly paid rate growth of about 20% and a monthly renewal rate growth of about 50% [2] - The company's core advertising business remains stable, with revenue from effect advertising reaching 2.028 billion yuan in 2023, accounting for 94.63% of total revenue [2] Financial Performance - In 2023, the company achieved revenue of 2.143 billion yuan, a decrease of 7.04% YoY, and net profit attributable to the parent company of 217 million yuan, a decrease of 17.20% YoY [1] - Excluding the impact of exchange rate losses and equity incentive payments, the adjusted net profit attributable to the parent company in 2023 was 212 million yuan, an increase of 8.99% YoY [1] - The company's gross profit margin for effect advertising in 2023 was 20.80%, an increase of 4.57 percentage points YoY [2] Business Segments - Revenue from e-commerce advertisers in 2023 was 491 million yuan, a decrease of 54.27% YoY, accounting for 22.91% of total revenue [2] - Revenue from application, entertainment agency, and other businesses in 2023 was 1.646 billion yuan, an increase of 34.25% YoY, accounting for 76.79% of total revenue [2] Valuation and Forecast - The report forecasts the company's revenue for 2024-2025 to be 2.643 billion yuan and 3.213 billion yuan, respectively, with net profit attributable to the parent company of 292 million yuan and 352 million yuan [2] - Using a sum-of-the-parts valuation method, the report assigns a 35X PE multiple to the core business and a 15X PS multiple to the AI new business, resulting in a total fair value of 12.459 billion yuan [2] Dividend Policy - The company plans to distribute a cash dividend of 1.1 yuan per 10 shares for 2023, totaling 51.9074 million yuan [2]
Q1业绩增长超预期，AI营销工具商业化推进