Investment Rating - Buy rating maintained for the company [3][4] Core Views - Mintegral contributes to revenue growth, with six consecutive quarters of profitability, supporting the Buy rating [4][5] - The company achieved record-high revenue and profits in 2024Q1, with revenue of USD 301 million (YoY +23.3%, QoQ +8.2%) and adjusted net profit of USD 8.868 million (YoY +96.6%, QoQ +45.0%) [5] - Mintegral's revenue reached USD 284 million (YoY +25.4%, QoQ +10.3%), accounting for 94.1% of total revenue [5] - The company is expected to achieve net profits of USD 40/72/88 million for 2024-2026, with EPS of USD 0.03/0.05/0.06, and PE ratios of 16.8/9.3/7.6x [5] Financial Summary and Valuation Metrics - 2024Q1 revenue: USD 301 million (YoY +23.3%, QoQ +8.2%) [5] - 2024Q1 adjusted EBITDA: USD 30.697 million (YoY +17.7%, QoQ +2.7%) [5] - 2024Q1 gross margin: 20.5% (YoY +1.3 pct) [6] - 2024Q1 net margin: 2.35% (YoY +1.0 pct) [6] - 2024-2026 revenue forecast: USD 1.266/1.456/1.617 billion, with YoY growth of 20.1%/15.0%/11.1% [7] - 2024-2026 net profit forecast: USD 40/72/88 million, with YoY growth of 83.3%/80.7%/22.2% [7] Business Highlights - Mintegral's non-gaming revenue reached USD 80.8 million (YoY +83.2%, QoQ +8.8%), accounting for 28.5% of Mintegral's total revenue (YoY +9.0 pct) [5] - Gaming revenue remained the core, contributing USD 203 million (YoY +11.4%, QoQ +10.9%), accounting for 71.5% of Mintegral's total revenue [5] - E-commerce and mid-to-hardcore gaming clients are expected to drive Mintegral's growth [5] - The company increased R&D investment in ROAS, with R&D expenses reaching USD 29.52 million (YoY +57.8%) [6] Industry Insights - Mid-to-hardcore games accounted for 59% of the global mobile gaming market in 2023, indicating potential for further growth in this segment [5]
汇量科技：2024Q1业绩创新高，技术赋能商业化空间打开