公司通过与DeepSeek 合作，私有化部署其高性能、低成本的开源大模型，显著提升广告创意生成效 率，降低了推理成本。此外，公司还通过AIGC 技术构建了AI 创意素材生成服务，满足多应用场景的融 合。 积极拓展新业态客户，媒体资源多维度扩充。2024 年，公司持续夯实与跨境电商、游戏与泛娱乐等行 业的合作，同时公司积极拓展短剧、AI 应用、新能源汽车、餐饮消费等新赛道新业态客户， 包括枫叶 互动旗下短剧APPReelShort、女性休闲阅读APP Dreame、AI 工具类应用POPAI、AI 社交类应用Talkie 等，以及代表中国智能制造的乐歌股份，代表新消费品类的库迪咖啡、霸王茶姬等。在媒体资源积累方 面，2024 年公司成为了亚马逊广告合作伙伴和AppLovin 大中华区首家电商一级代理，在与包括谷歌、 Meta、微软、TikTok for Business、Kwai for Business 等在内的全球头部媒体稳定合作之外，公司的中长 尾媒体合作伙伴不断壮大。 盈利预测：公司积极拓展新业态客户，媒体资源多维度扩充，我们预计公司2025-2027 年分别实现归母 净利润3.27/3.88/4.27 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Insights - The company achieved significant revenue growth, with 2024 revenue reaching 2.547 billion yuan, a year-on-year increase of 18.83%, and Q1 2025 revenue at 929 million yuan, up 93.18% year-on-year [1][2]. - The company is expanding its overseas revenue, which reached 2.201 billion yuan in 2024, accounting for 86.43% of total revenue, while domestic revenue was 346 million yuan, representing 13.57% [2]. - The company's AI-driven programmatic advertising platform, zMaticoo, holds a 37% market share in open programmatic advertising sales in the Asia-Pacific region, indicating strong performance [3]. Financial Performance - The company reported a net profit of 232 million yuan in 2024, a 6.81% increase year-on-year, and a net profit of 55.94 million yuan in Q1 2025, up 11.67% year-on-year [1]. - The forecast for net profit is projected to be 327 million yuan in 2025, 388 million yuan in 2026, and 427 million yuan in 2027, with corresponding P/E ratios of 38.4, 32.4, and 29.5 [4][6]. - The company's revenue is expected to grow significantly, with estimates of 3.82 billion yuan in 2025, 4.36 billion yuan in 2026, and 4.79 billion yuan in 2027 [6]. Business Development - The company is actively expanding its client base in new sectors such as cross-border e-commerce, gaming, and AI applications, enhancing its media resources [4]. - The direct client revenue ratio increased by 5.81 percentage points to 74.85% in 2024, reflecting the company's strong technical capabilities [2].