Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company achieved record high performance in Q1 2024, with revenue of $301 million, a year-on-year increase of 23.3% and a quarter-on-quarter increase of 8.2%. Adjusted net profit reached $8.868 million, up 96.6% year-on-year and 45.0% quarter-on-quarter [6] - The programmatic advertising platform Mintegral contributed significantly to revenue, generating $284 million, which accounts for 94.1% of total revenue. The growth in profit is attributed to the strong performance of Mintegral [6] - The company is expected to maintain its profitability, with projected net profits of $40 million, $72 million, and $88 million for 2024, 2025, and 2026 respectively, corresponding to EPS of $0.03, $0.05, and $0.06 [6][8] Revenue and Profitability - The company's revenue structure is diversifying, with non-gaming categories generating approximately $80.8 million, a year-on-year increase of 83.2%. E-commerce clients are becoming a significant growth driver [6] - The gaming category remains the core revenue source, generating $203 million, a year-on-year increase of 11.4% [6] - The gross margin for the advertising technology business improved to 19.7%, contributing to an overall gross margin increase to 20.5% [7] Financial Metrics - For 2024, the company expects revenue to reach $1.266 billion, with a year-on-year growth rate of 20.1%. The net profit is projected to be $40 million, reflecting an 83.3% increase year-on-year [8] - The company's net profit margin is expected to improve to 3.2% in 2024, with a return on equity (ROE) projected at 13.8% [8] - The current price-to-earnings (P/E) ratio is 16.8 for 2024, decreasing to 7.6 by 2026, indicating a favorable valuation trend [8]
汇量科技：港股公司信息更新报告：2024Q1业绩创新高，技术赋能商业化空间打开