电商类投放增长带动收入增长，结构变化影响毛利率。阿里等电商头部客户加大投放带动电商类客户收入24H1 同增10.32%。同时公司凭借不断积累的营销经验、先进的广告技术和数据分析能力，赢得客户的信任，24H1 直接类客户数量占比同比提升12.87pct 至66.90%，收入占比同比提升10.18pct 至71.54%。由于公司收入结构变化推动效果广告毛利率24H1 同比降低1.09pct 至18.82%。Description of the event
Easypoint World released the 2024H1 performance report. The company achieved revenue of 1.086 billion in the first half of 2024, up 8.8% year on year, and achieved net profit of 0.132 billion yuan, up 10.44% year on year; of these, 24Q2 achieved revenue of 0.605 billion, up 15.23% year on year, and achieved net profit of 81.8 million, up 4.73% year on year.
Incident comments
Growth in e-commerce investment drives revenue growth, and structural changes affect gross profit margins. Leading e-commerce customers such as Ali increased their investment, which led to a 10.32% increase in e-commerce customer revenue in 24H1. At the same time, with continuous accumulation of marketing experience, advanced advertising technology and data analysis capabilities, the company won the trust of customers. The share of 24H1 direct customers increased by 12.87 pcts to 66.90% year on year, and the revenue share increased 10.18 pcts to 71.54% year on year. Due to changes in the company's revenue structure, the gross margin of effective advertising decreased by 1.09pct to 18.82% year-on-year in 24H1.
Excluding equity incentives and exchange gains and losses, which affected operating performance by more than 40%, helped Hong Kong companies to be exempted from offshore income tax. The Hong Kong subsidiary's offshore exemption from income tax reduced 24H1 income tax expenses by about 45 million compared to the same period last year; 24Q1 and Q2 company share payment fees were 7.31 million. Excluding exchange gains and losses and the impact of equity incentives, the company achieved net profit of 0.14 billion yuan, an increase of 39.87% year on year; 24Q2 achieved net profit to mother of 75.98 million, an increase of 40.84% year on year. Furthermore, considering that the US dollar has entered a cycle of interest rate cuts, the company has prepared hedging to reduce the impact of the exchange rate on performance. The announcement in June '24 raised the foreign exchange hedging amount set at the beginning of the year, and plans to increase the foreign exchange hedging amount to 1.65 billion yuan, a significant increase from 70 million yuan in early February.
A full-link AI solution was released to continuously promote business empowerment. In May '24, EasyDianworld's “AI+BI+CI” overseas full-link solution was officially released. The solution is based on scientific and technological innovation and the three core products of the AIGC digital marketing creation platform KreadOAI, the data analysis & growth model platform Gears, an intelligent and intelligent multi-cloud management platform, to help overseas companies respond flexibly to various challenges at different stages of development, accelerate the layout and expansion of the global market, and unlock more new opportunities for growth.
The company completed a closed loop of AI-based marketing links and used AI to help advertisers improve quality and efficiency. We expect the company to achieve net profit attributable to the parent company in 24-25 of 0.278/0.352 billion yuan, respectively, and the corresponding PE is 24/19 times, respectively, maintaining a “buy” rating.
Risk warning
1. The development of AI technology falls short of the expected risk;
2. Risk of international trade friction and changes in the international situation.
