【行业研究报告】汇量科技-Initiation:Performance rebounds as domestic internet companies expand overseas

Coreviews
Coreviews
LIAOYuan
Technology
IntegrationAnalyst
S1010522030004
XUYingbo
ChiefTechnology
IndustryAnalyst
S1010510120041
Contact:LILei
ChiefTechnology
Integration
Researcher
Contact:
JIAKaifang
Mobvistaistheworld'sleadingAI-driventhird-partyadvertising
technologycompanywhichbenefitssubstantiallyfromthegoingglobal
trendofChineseinternetindustry.Theoverseastransactionenvironment
isdifferentfromthatinChina.Inadditiontobigmediachannels,medium-
andlong-tailtrafficchannelsalsohavegreatvalue.Third-partyadvertising
platformsbasedonAItechnologyandverticaladvantagesoftenhave
betterreturnoninvestment(ROI).In2021,itscorebusiness,Mintegral,
rankedamongtheworld'stopfourintermsofcomprehensiveadvertising
retentionacrossallcategories.WebelievethattheCompanyhasboth
short-termperformancecertaintyandlong-termgrowthpotential.Inthe
shortterm,itwillbenefitfromtheexpansionoftrafficcategoriesandthe
opportunitiesbroughtbytransactionsinoverseasexpansionbydomestic
mobileapplications.AndtheCompanyalsoexpectsMintegraltoachieve
revenueofUS$1bnin2022(+74%YoY).Recoveredfromthereputational
attackbyoverseascompetitorsin3Q20,Mobvistahasaccumulated
technologiesandbuiltnewbusinessresilience.Inthelongrun,itaimsto
buildaSoftwareasaService(SaaS)productecosystembasedon
enterprisemarketingandcloudcomputingoperationandmaintenance,
providingcustomerswithfull-cyclesolutionsbefore,duringandafter
marketingtoimprovecustomerstickinessandlife-timevalue.Weare
optimisticabouttheCompany'slong-termdevelopmentstrategybasedon
dataandAItechnologytoempowerbusinessgrowthandlinktheglobal
market.WegivetheCompanyatargetpriceofHK$8.0andinitiate
coveragewitha“BUY”rating.
▍Companyoverview:Agloballeaderinthird-partyadvertisingplatforms