Benefiting from the Internet, the scientific and technological performance of overseas exchange volume has returned to high growth

   ““2025 The scale of China's overseas digital marketing industry is expected to reach 502 Billion dollars , The penetration rate of global programmed advertising expenditure in digital advertising will reach 85%.” CITIC Securities recently released a research report that , Programmed advertising is the general trend , after IDFA Third party platforms in the era have benefited significantly . among , Volume technology （01860.HK） Flag Mintegral Platform as the third equation sequencing advertising leader , By appointment 94% The flow is distributed overseas , It is expected to continue to benefit from the domestic mobile Internet going to sea .

     This is after CICC this year , The first coverage of Forex technology by another securities firm , And gave a buy rating , Corresponding target price 8.0 The Hong Kong dollar .

     As the mobile application market continues to expand and the penetration rate of programmed advertising continues to increase , The scale of procedural advertising market has also expanded rapidly ,eMarketer Statistics ,2017-2021 In, the global programmed advertising expenditure was from 682 Billion dollars to 1550 Billion dollars , The annual compound growth rate is as high as 22.78%.

     at present , In the procedural advertising market , Advertising platforms can be divided into two categories , One is to Meta、Google Represented by the big media platform , The other is Mintegral And so on . last year IDFA（ Advertising identifier ） After the new deal , In the past, overseas game advertising traffic was concentrated in Meta and Google The pattern of the two powers was gradually broken , The attraction of third-party platforms is beginning to show .

     This year, 3 Released in April 《 Comprehensive performance report of advertising platform 》（ Fourteenth Edition ） Show ,iOS End IAP The index list is in the global game category , comparison 2021 In the first half of , The ranking of third-party advertising platforms has increased , among ,Mintegral Among the iOS And Android The top four in the list of double ended retained strength , Become the only one to enter Top5 Chinese advertising platform .Mintegral Relevant person in charge ：“Mintegral since 2019 The modeling and estimation of users' immediate interests have been laid out since the middle of the year , That is, modeling by analyzing user context information , Do not rely on traditional advertiser identifiers .” Therefore, we can IDFA The times accurately reaches users .

     CITIC Securities research report pointed out that ,Mintegral Gather a large number of long tail ecosystems , Platform scale effect is increasingly apparent . at present Mintegral A global high-quality traffic network has been established , Provide customers with global services . The platform has more than 5.7 Million direct partners , And 20 More than global advertising trading platforms , The average daily request exceeds 960 100 million times , The average daily display volume is 14 100 million times , And possess 17 Billion daily active users .

     According to the announcement of Huiliang technology company ,2019-2021 year ,Mintegral The platform revenue is 1.5 Billion dollars 、3 Billion dollars 、5.8 Billion dollars , Annual compound growth rate reaches 96.56%. among , contribution 10 Customers with more than 10000 dollars 267 individual , Total contribution Mintegral Platform about 98% The income of the . And 2020 Comparison of customers in fiscal year , The income is in 10 Customers with more than ten thousand dollars are 2021 The annual retention rate is as high as 92%, The average revenue of these customers increased by about 85%.2022 year ,Mintegral The target income scale is 10 Billion dollars .

     In addition to continuous upgrading Mintegral In addition to technical services , Huiliang technology also insists on Mintegral Business transformation of procedural advertising technology as the core , Continuously deepen marketing technology , Expand to the full link of marketing growth , adopt SaaS Technology provides closed-loop services for buying and cashing . at present , Huiliang technology has been able to provide including promotion 、 Cash in 、 Statistics 、 Creative and all-round ability to go to sea SaaS tool kit .

     A closed-loop service system of buying and cashing , It has also brought considerable achievements to Huiliang Technology . according to 2021 Annual financial report , The annual revenue of Huiliang technology last year reached 7.55 Billion dollars , Year-on-year growth 46.4%, Maori Da 1.22 Billion dollars , rose 48.4%.

     CITIC Securities Research and judgment , With digital marketing, the scale of the global market is further expanded , And the formation of its own marketing technology closed loop , As a leading third-party advertising technology company in the world , It is expected to continue to benefit from APP Category expansion and domestic sea going wave , It is expected to benefit from data analysis in the long run 、 User growth 、 Traffic to liquidate 、 Data supervision and other full links SaaS Service matrix construction .