Blue Focus(300058) 国元证券·2024-05-12 06:00Investment Rating - The report maintains a "Buy" rating for the company BlueFocus (300058) [1][9] Core Insights - The company reported a revenue of 52.62 billion yuan in 2023, a year-on-year increase of 43.44%, and a net profit attributable to shareholders of 117 million yuan, marking a 105.36% increase year-on-year, thus turning profitable [9] - The company has shown strong growth in its overseas advertising business, with a revenue increase of 41.69% [9] - The implementation of the "AI²" strategy has led to significant improvements in operational efficiency, with overall business productivity increasing by approximately 50% [9] Financial Summary - Revenue Forecast: The company is expected to achieve revenues of 63.14 billion yuan in 2024, 70.37 billion yuan in 2025, and 77.41 billion yuan in 2026 [2][4] - Net Profit Forecast: The net profit attributable to shareholders is projected to be 366 million yuan in 2024, 496 million yuan in 2025, and 631 million yuan in 2026 [4][9] - Earnings Per Share (EPS): EPS is expected to be 0.15 yuan in 2024, 0.20 yuan in 2025, and 0.25 yuan in 2026 [4][9] - Price-to-Earnings Ratio (P/E): The P/E ratio is projected to be 42 in 2024, 31 in 2025, and 25 in 2026 [4][9] Business Performance - The company’s advertising services, including comprehensive promotion and advertising agency services, have shown significant revenue growth, with the comprehensive promotion service revenue reaching 11.28 billion yuan, a 73.05% increase [9] - The overseas advertising business has been a key growth driver, with revenue from Meta and Google advertising maintaining double-digit growth rates [9] Strategic Initiatives - The company has fully implemented the "AI + Human" work model, achieving 100% coverage among employees, which has significantly enhanced creative capabilities [9] - The company has developed nearly 300 AI marketing cases, generating an AI-driven revenue of 108 million yuan in 2023 [9]