Investment Rating - The report assigns a "Buy" rating to the company, indicating a positive outlook compared to the CSI 300 index [17][30]. Core Insights - The company reported a revenue of 2.143 billion yuan in 2023, a year-over-year decrease of 7.04%, with a net profit attributable to shareholders of 217 million yuan, down 17.2% year-over-year. However, the first quarter of 2024 showed signs of recovery with a revenue of 481 million yuan, up 1.66% year-over-year, and a net profit of 50 million yuan, up 21.23% year-over-year [12][17]. - The introduction of the AIGC digital marketing creation platform "KreadoAI" has expanded the company's service offerings, with over 1 million registered users and a monthly user visit rate exceeding 1 million [19][30]. - The company has established stable partnerships with major media platforms like Google, Meta, and TikTok, and has seen an increase in direct and agency client numbers [29]. Financial Summary - In 2023, the gross profit margin was 24.36%, an increase of 3.99 percentage points year-over-year, while the expense ratio was 10.78%, up 2.6 percentage points year-over-year [3][12]. - The company plans to distribute a cash dividend of 1.1 yuan per 10 shares, totaling 52 million yuan, with a dividend payout ratio of 23.9% [1]. - The forecast for 2024-2026 includes expected revenues of 2.592 billion yuan, 3.024 billion yuan, and 3.365 billion yuan, respectively, with net profits projected at 301 million yuan, 361 million yuan, and 412 million yuan [30][31].
2023年及2024Q1业绩点评：2024Q1业绩超预期，AI赋能出海营销