近日，Unity(U.US)召开了FY25Q2财报电话会。Unity表示，Unity Ads这部分连续两个季度环比增长都 超过了10%，继上季度的15%后，这两季累计增长已达25%以上。并且Unity广告网络的增长几乎没有对 ironSource等其他广告支出造成实质性的蚕食。 公司提到，Vector的推广还处于非常早期阶段。预计2026年开始会看到明显成果，这一提升也会持续多 年。关于Grow业务的指引，公司预计Q2到Q3的环比收入增长为中个位数，大约5%。广告业务中非 Vector部分(占比约50%)将保持稳定，如果整体增长5%，就意味着Unity广告网络部分将实现两位数的环 比增长。 因此业务恢复增长后，利润率具备进一步提升的空间。即使在大力投入未来增长的情况下，利润率也在 持续改善。整体来看，公司对Grow板块利润率的上行潜力非常有信心。 A：Unity Vector 是一个高度模块化的系统，目前没有任何障碍阻止我们将其用于优化我们广告产品中 的部分甚至重要部分。 Q：Vector 自全面部署以来提升速度很快，请问未来 Vector 性能提升的节奏如何?模型优化方面还有多 少 "低垂果实" 可持续带来 ...

Group 1 - Morgan Stanley is optimistic about Unity Software's advertising business prospects, citing significant improvements in product competitiveness due to strategic restructuring and technological investments over the past 18 months [1] - Recent feedback from Unity's advertising clients indicates a substantial increase in campaign effectiveness, with installation and purchase conversion rates rising by 15%-20%, aligning with management's statements in the Q2 earnings report [1] - The firm anticipates that as Unity continues to provide efficient technological solutions, advertising budgets will increasingly shift towards its platform, driven by a strong focus on return on advertising spend (ROAS) [1] Group 2 - Three key drivers supporting this trend are highlighted: the full launch of Unity's new Vector advertising model in May, which has shown technical strength within just two months, leveraging Unity's scale and leading position in the gaming engine market [2] - Unity's unique user behavior data, recently utilized for ad targeting, is expected to enhance the performance of the Vector model as more real-time gaming data is inputted [2] - The adoption rate of Unity 6 is rapidly increasing, nearing 50% in Q2, with 80% of clients planning to upgrade, which could lead to subscription revenue growth for the Create department and provide richer data sources for Unity Ads, thereby improving clients' ROAS [2] Group 3 - Morgan Stanley believes that Unity's recovery indicates a multi-win scenario in the market, suggesting that if the Vector model can provide differentiated insights, the overall advertising market size may expand rather than being a zero-sum game [2] - The firm maintains a positive outlook on Unity's investment in its high-margin advertising network and the utilization of its unique data assets, noting that market skepticism regarding Unity's competitiveness in advertising presents significant upside potential for its expectations and valuations [2] - Morgan Stanley retains an "overweight" rating on Unity with a target price of $25, suggesting that under bullish scenarios, valuations could reach $40, corresponding to a 10% annual growth rate in the advertising business [2]