事件：公司于 4 月 24 日发布 2024 年年报及 25Q1 季报。2024 年全年实现营 业收入 607.97 亿元，同比增长 15.55%；归母净利润-2.91 亿元。25Q1 公司实 现收入 142.58 亿元，同比下降 9.66%，归母净利润 0.96 亿元，同比增长 16.01%。 ❑ 风险提示：宏观经济变化及行业监管对广告投放影响，广告主投放意愿不确 定性，新业务拓展进度不达预期，商誉减值风险，AI 业务发展不及预期。 财务数据与估值 | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 52616 | 60797 | 65052 | 68198 | 73654 | | 同比增长 | 43% | 16% | 7% | 5% | 8% | | 营业利润(百万元) | 3 | (286) | 430 | 499 | 597 | | 同比增长 | 扭亏 | 亏损 | 扭亏 | 16% | 20% | | 归母净利润(百万元) | 117 | (291) | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is leveraging AI to reshape its core business, aiming for high-quality development in technology marketing [1] - The company reported a total revenue of 14.2577 billion yuan in Q1 2025, a year-on-year decrease of 9.66%, while net profit attributable to shareholders was 95.5 million yuan, an increase of 16% year-on-year [4][5] - The company is expected to achieve AI-driven revenue of 30 to 50 billion yuan in 2025, with a long-term goal of exceeding 100 billion yuan [5][6] Summary by Sections Market Performance - The company’s stock price is currently at 8.27 yuan, with a total market capitalization of 20.9 billion yuan [1] Business Overview - The company’s revenue structure includes significant contributions from gaming, e-commerce, and internet applications, with respective revenues of 26.14 billion, 18.17 billion, and 9.44 billion yuan in 2024 [4] - The company is focusing on expanding into high-value markets in Europe, Southeast Asia, and Latin America to mitigate external impacts from trade disputes [4] AI Strategy - The company has developed its own AI platform, BlueAI, and aims to create around 1,500 AI-driven intelligent entities by 2024 [5] - The company has partnered with global AI-driven advertising platforms and plans to restart AI investments to enhance its marketing capabilities [6][7] Financial Forecast - Revenue projections for 2025 to 2027 are 65.037 billion, 70.418 billion, and 76.250 billion yuan respectively, with net profits expected to be 459 million, 570 million, and 713 million yuan [8][10] - The company anticipates a significant increase in earnings per share (EPS) from 0.18 yuan in 2025 to 0.28 yuan in 2027 [8][10]