MOBVISTA INC.(1860.HK):SOLID 1Q24 WITH ENHANCED PROFITABILITY
MOBVISTA INC.(1860.HK):SOLID 1Q24 WITH ENHANCED PROFITABILITY
Supported by an upgraded smart bidding system, Mobvista delivered strong quarterly results, with revenue/adj. net profit +23%/97% YoY in 1Q24. Its verticals expansion effort (e.g. ecommerce and social media) continued to bear fruit, with non-gaming business revenue contribution up to 29% in 1Q24 (vs. 19.5% in 1Q23). Intelligent bidding products contributed over 60% of Mintegral revenue. As the overhang eased with a settlement agreement signed for Reyun transactions, we suggest investors refocus on its organic fundamentals improvement. We remain positive on FY24E's Mintegral momentum (forecasting rev +20% YoY) and earnings growth (+91% YoY). Maintain BUY with unchanged earnings forecasts and TP at HK$6.0.
在升級後的智能競價系統的支持下，Mobvista實現了強勁的季度業績，收入/調整後淨利潤在24年第一季度同比增長23％/97％。其縱向擴張工作（例如電子商務和社交媒體）繼續取得成果，非遊戲業務收入在24年第一季度貢獻高達29％（而23年第一季度爲19.5％）。智能競價產品貢獻了Mintegral收入的60％以上。隨着Reyun交易的和解協議的簽署，懸而未決的局勢有所緩解，我們建議投資者重新關注其基本面的有機改善。我們對 FY24E 的Mintegral勢頭（預計同比增長20％）和收益增長（同比增長91％）保持樂觀。維持買入，盈利預測不變，目標價爲6.0港元。
Solid 1Q24 with continued margin expansion. Mobvista reported strong
24 年第一季度穩健，利潤率持續擴大。Mobvista 表現強勁
1Q24 results, with rev +23% YoY, 3% below our estimate. By segment, ad- tech/mar-tech revenue was +23%/19% YoY, in which programmatic advertising was resilient at +25% YoY. Adj. net profit surged 97% YoY to US$8.9mn, 4% above our estimates. GPM reached 20.5% in 1Q24 (+1.3ppt YoY), mainly on higher ads efficiency and disciplined cost of mar-tech business. Coupled with operating leveraging in S&M and G&A, adj. NM continuously improved to 2.9% in 1Q24, +0.7ppts QoQ/+1.1ppts YoY.
24年第一季度的業績，同比增長23％，比我們的估計低3％。按細分市場劃分，廣告技術/營銷技術收入同比增長23％/19％，其中程序化廣告的彈性爲同比增長25％。調整後的淨利潤同比增長97％，至890萬美元，比我們的預期高出4％。GPM在24年第一季度達到20.5％（同比增長1.3個百分點），這主要是由於廣告效率的提高和營銷科技業務的嚴格成本。再加上在S&M和併購方面的運營槓桿作用，adj新墨西哥州在24年第一季度持續增長至2.9％，環比增長0.7個百分點/同比增長1.1個百分點。
Upgraded smart bidding system bearing fruit. In 1Q24, Mintegral rev
升級後的智能競價系統取得了成果。在 24 年第一季度，Mintegral 修訂版
accelerated to +25.4% YoY (vs. +19.5% YoY in 4Q23). With infrastructure upgrades and continued investment, the ROAS smart bidding model has become the main choice for developers in Mintegral. Benefiting from bidding system upgrades, Mobvista has achieved eye-catching performance in new verticals expansion. Apart from midcore and hardcore games penetration, Mobvista's non-gaming business rev share climbed up to 29% in 1Q24 (vs. 19.5% in 1Q23, +83% YoY). Among non-gaming categories, ecommerce and social media emerged as key drivers. Looking ahead, we remain positive on Mobvista's top line resilience (forecasting +20% YoY in FY24E) and enhancing profitability.
加速至同比增長25.4％（而23年第四季度同比增長19.5％）。隨着基礎設施的升級和持續的投資，ROAS智能競價模式已成爲Mintegral開發人員的主要選擇。受益於競價系統的升級，Mobvista在新的垂直領域擴張中取得了引人注目的表現。除了中核和硬核遊戲的滲透率外，Mobvista的非遊戲業務增長份額在24年第一季度攀升至29％（而23年第一季度爲19.5％，同比增長+83％）。在非遊戲類別中，電子商務和社交媒體已成爲關鍵驅動力。展望未來，我們對Mobvista的收入彈性（預計 FY24E 將同比增長20％）和盈利能力的提高保持樂觀。
Overhang eased with settlement agreement signed for Reyun
與 Reyun 簽署和解協議後，懸而未決問題有所緩解
transactions. On 14 May, Mobvista announced that the company and sellers (owning 18.56% of equity interest of Reyun) entered into a settlement agreement, with US$23.5mn payment to terminate the rest of acquisition.
交易。5月14日，Mobvista宣佈，該公司與賣方（擁有Reyun18.56％的股權）簽訂了和解協議，支付了2350萬美元以終止其餘收購。
We expect this settlement agreement to lift the overhang around Reyun acquisition (high valuation but still in net loss position).
我們預計，該和解協議將解除收購Reyun的懸而未決的問題（估值較高但仍處於淨虧損狀態）。
Maintain BUY. We keep our FY24-26E earnings forecasts unchanged, with SOTP-based TP at HK$6.0 (by assigning 20x FY24E P/E to ad-tech biz and 3.0x FY24E P/S to mar-tech biz). Risks: macro uncertainty; slower ROAS adoption; and higher-than-expected investment in intelligent bidding system.
維持買入。我們保持 FY24-26E 的收益預測不變，基於 SOTP 的目標股價爲6.0港元（通過將20倍的 FY24E 市盈率分配給廣告科技業務，將3.0倍的 FY24E 市銷售率分配給海事科技業務）。風險：宏觀不確定性；ROAS採用率較慢；以及對智能競價系統的投資高於預期。
譯文內容由第三人軟體翻譯。