Core ideas:
Event: blue cursor released three quarterly reports for 23 years. In the first three quarters of 23 years, the company achieved revenue of 36.312 billion yuan, mainly due to the increase in the input of games, e-commerce and Internet advertisers, as well as the continuous development of the sea business; the gross profit was 3.95% and 1.0pct, mainly due to the low gross profit of the sea business; the net profit of home was 288 million yuan, and the net profit of YoY+847.94%; was 325 million yuan, YoY+5.11%.
In a single quarter, 23Q3, the company achieved revenue of 14.322 billion yuan, YoY+45.24%,QoQ+17.25%; gross profit 2.95% Magi YoYcopyright 0.5pctjQ QoQtel 1.36pct; net profit of homing 2.96 million yuan, net interest rate of YoY-86.54%,QoQ-97.83%; homing 0.02% Magi YoYmure 0.2pctQoQmur1.1 pct; deducting non-homed net profit of 61.59 million yuan, YoY-12.04%,QoQ-51.45% Deduct the non-homed net interest rate 0.43% YoYmure 0.28pct QoQtel 0.61pct.
Company Q3 revenue growth trend is good, but profits have declined, we believe: on the one hand, due to the strong growth of the sea business gross profit margin is low, affecting the overall gross profit margin level; on the other hand, the macro environment is under pressure, accounts receivable increases, credit impairment losses also increase accordingly. In the first three quarters of 23, accounts receivable was 9.9 billion yuan, of which 1.04 billion yuan was receivable from YoY+15.9%, 1.04 billion yuan was YoY+54.0%. In terms of credit impairment losses, 23Q3 lost 25.28 million yuan and rallied back 3.05 million yuan in the same period last year. Non-recurrent profit and loss is affected by the fluctuation of investment profit and loss, 23Q3, non-recurrent profit and loss lost a total of 58.63 million yuan.
The AIl in AI strategy has also seen a substantial landing in Q3. According to the company's official account, in September, Blue cursor released the marketing industry model "Blue AI", which is connected to many partners, such as Microsoft Corp Cloud, Baidu, Inc., Zhipu and so on. At present, Blue cursor basically achieves 100% full-time work and all employees use AI, the overall business efficiency is more than 35%, and the sea business can basically achieve 600%, 800% efficiency improvement.
Profit forecast and investment advice. It is estimated that the revenue in 23-24 years is 49856.8 billion yuan, and the net profit of returning to the mother is 343 million yuan. The company is a head digital marketing company, actively embracing AI, promoting commercialization, giving 24-year 30X PE, corresponding to a fair value of 8.34 yuan per share, and maintaining a "buy" rating.
Risk hint. Advertisers lack confidence; the growth of overseas advertising is not as expected; the development of new business is not as expected.