易点天下：乘出海之风，AI、数据赋能，技术型营销龙头服务商

Investment Rating - The report assigns an "Outperform" rating to the company, indicating an expectation of better performance compared to the market [10][12]. Core Insights - The company has launched its first AIGC digital marketing creation platform, establishing a comprehensive big data platform for systematic marketing product development. In 2023, the company's performance advertising marketing service revenue was 2.03 billion yuan, accounting for 94.6% of total revenue, with a gross margin of 20.8% [3][27]. - The company is expected to benefit from the growth of cross-border e-commerce and has established partnerships with major media platforms, enhancing its advertising technology capabilities [3][20]. - Revenue forecasts for 2024-2026 are projected at 2.44 billion yuan, 2.74 billion yuan, and 3.05 billion yuan, with year-on-year growth rates of 13.8%, 12.5%, and 11.1% respectively [12][20]. Financial Performance Summary - In 2023, total revenue was 2.14 billion yuan, a decrease of 7.0% year-on-year, with a net profit of 217 million yuan, down 17.2% year-on-year. The company expects a recovery in net profit growth in the coming years, with projections of 298 million yuan in 2024, 374 million yuan in 2025, and 439 million yuan in 2026 [11][12]. - The gross margin is expected to improve from 24.4% in 2023 to 26.1% by 2026, reflecting enhanced operational efficiency [6][12]. Revenue Breakdown - The company's revenue from performance advertising services is projected to grow from 2.03 billion yuan in 2023 to 2.33 billion yuan in 2024, with a year-on-year growth rate of 15.1% [5][20]. - Advertising agency service revenue is expected to decline, with projections of 99.9 million yuan in 2024, down 8% year-on-year [5][20]. Market Position and Strategy - The company aims to leverage the "China Manufacturing" trend to expand its client base in overseas markets, particularly in Southeast Asia and other regions [27]. - The introduction of the KreadoAI platform is expected to enhance the company's service offerings, providing AI-driven solutions across various sectors [3][20].