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樂享互動(06988.HK):順勢而上,勇立潮頭
格隆匯 11-23 16:27

機構:招商證券

摘要:樂享互動有限公司(6988.HK)成立於2008年,依據弗若斯特沙利文的數據報告,公司是中國最大的效果類自媒體營銷服務供應商。其向自媒體發佈者提供全面的變現產品組合,通過獨有算法為自媒體發佈者匹配高質量的產品組合,有效提高自媒體發佈者的變現效率。公司股權架構整體穩定,董事長朱子南為實際控制人,近年來營業收入與淨利潤雙雙保持高速增長,主要是因為公司在專業管理團隊領導下,通過領先技術實現了自有發行平台和渠道的建設。隨着所在行業整體增勢明確以及疫後景氣度的回升,公司業績有望繼續保持增長。

正文:

1、緊跟行業發展潮流,業績表現亮眼。公司成立之初定位於數字營銷服務業務,多年來緊跟自媒體發展潮流不斷拓寬業務佈局,2013年推出自媒體發佈者變現服務,2014年起開始從事效果類營銷服務,2019年開始開拓短視頻領域的變現服務,2020年 9月於香港聯交所主板上市。公司近三年營業收入與淨利潤雙雙保持高速增長。2019年實現營業收入4.74億元,同比增速80.74%,2017-2019年營業收入複合增長率為87.20%;2019年實現淨利潤0.67億元,同比增速48.21%,2017-2019年淨利潤複合增長率為44.94%。

2、技術平台雙重優勢奠定行業領先地位。公司向自媒體發佈者提供全面高質量的變現產品組合,主要由線上產品及實物產品組成,在收集海量數據過程中運用專有的商業智能技術、強勁的數據分析能力及強大的技術平台,準確模擬營銷活動的實際效果及提供高轉化率的效果類營銷服務,迎合市場不斷變化的多樣需求,同時確保公司的盈利能力。

3、推出SaaS程序化平台,精確匹配營銷需求,提升中長尾自媒體變現能力。公司以智能算法引擎為核心技術,分析自媒體發佈者的粉絲的年齡段、性別、預測教育程度及職業,協助自媒體發佈者追蹤粉絲的地理位置,為精確投放營銷活動創造機會,分析自媒體發佈者粉絲的平台喜好確定並向自媒體發佈者推薦合適的產品,通過以上方式協助自媒體進行營銷工作。行業用户在美接平台上傳詳細的營銷需求,公司通過智能算法對方案進行評估,提供自媒體發佈者等流量的智能匹配,協助廣告主更精確地完成營銷宣傳。

4、行業發展向好,增長潛力巨大。隨着領先自媒體平台的不斷滲透,行業客户對自媒體投放的資源和營銷預算呈上升趨勢;自媒體創作者及流量平台出於自身利益考量也迫切希望實現流量變現,效果類營銷賽道應運而生。弗若斯特沙利文的數據顯示,效果類營銷市場規模由2014年的13億元增長至2019年的318億元,複合年增長率為90.0%,預計2024年可達到1,107億元,2019-2024年CAGR為28.3%;行業競爭格局高度分散,掌握更多流量點位的樂享互動未來有望提升市佔率。

風險提示:市場競爭加劇風險;行業監管風險;效果類自媒體營銷服務行業未繼續發展或發展或增長速度低於預期。

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