--- title: "Open Source Securities: Maintains \"Buy\" rating on MOBVISTA, optimistic about new Infra launch accelerating performance growth" type: "News" locale: "en" url: "https://longbridge.com/en/news/288547868.md" description: "Open Source Securities maintains a \"Buy\" rating on MOBVISTA, optimistic about the accelerated performance growth from the launch of AI Infra. The company's revenue in Q1 2026 is expected to be USD 581 million, a year-on-year increase of 32%, with a net profit attributable to the parent company of USD 34 million, a year-on-year increase of 61%. The new generation of Infra is expected to launch in October, likely driving the expansion of IAP and non-gaming categories. The net profit attributable to the parent company is projected to be USD 137 million, USD 237 million, and USD 380 million for 2026-2028" datetime: "2026-06-03T09:14:04.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/288547868.md) - [en](https://longbridge.com/en/news/288547868.md) - [zh-HK](https://longbridge.com/zh-HK/news/288547868.md) --- # Open Source Securities: Maintains "Buy" rating on MOBVISTA, optimistic about new Infra launch accelerating performance growth According to Zhitong Finance APP, Kaiyuan Securities released a research report stating that they are optimistic about AI Infra supporting MOBVISTA (01860) to accelerate the expansion of IAP and non-gaming categories, driving continuous high growth in performance. They maintain the expected net profit attributable to the parent company for 2026-2028 at USD 137 million / 237 million / 380 million, with the current stock price corresponding to PE ratios of 21.9 / 12.7 / 7.9 times, maintaining a "buy" rating. ## The main points of Kaiyuan Securities are as follows: **Q1 continues high growth, optimistic about new Infra accelerating product expansion driving high growth in performance** The company achieved revenue of USD 581 million in Q1 2026 (up 32% year-on-year, up 1% quarter-on-quarter), with a net profit attributable to the parent company of USD 34 million (up 61% year-on-year), and adjusted net profit of USD 24 million (up 11% year-on-year). The gross margin for Q1 was 20.96%, with sales/management/R&D expense ratios changing year-on-year by +0.04/-0.44/+1.06 percentage points, with the increase in R&D expense ratio mainly due to rising model training costs. The net profit margin was 5.89% (up 1.37 percentage points year-on-year), mainly due to a gain of USD 17 million from changes in the fair value of financial instruments. **Gaming continues to grow rapidly, non-gaming steadily expands, optimistic about the "data flywheel" continuously consolidating the company's algorithmic advantages** Q1 advertising technology business revenue was USD 577 million (up 33% year-on-year, up 1% quarter-on-quarter), of which Mintegral revenue was USD 560 million (up 33% year-on-year, up 1% quarter-on-quarter). Revenue from gaming categories was USD 430 million (up 41% year-on-year, up 3% quarter-on-quarter), and revenue from non-gaming categories was USD 129 million (up 12% year-on-year). According to the "Q1 2026 Trend Report" released by Singular, Mintegral ranked among the top four globally in several core verticals, including entertainment, tools, and gaming, reflecting the company's continued leading position in advertising algorithms. The firm is optimistic about the "data flywheel" continuously consolidating the company's advantages. **IAP products show steady growth, the new generation of Infra may accelerate IAP development and non-gaming category expansion** The company continues to promote AI Infra construction, with the new generation of Infra having completed major development and expected to go live in October. IAP products are showing steady growth on the existing Infra, and the new generation of Infra can support more complex models and more dimensions of features and data, which is expected to drive the accelerated development of IAP products. In addition, the company plans to gradually launch e-commerce, short drama, and other vertical models after the new Infra goes live, further opening up business space. Q1 marketing technology business revenue was USD 4 million (up 2% year-on-year), and the company is promoting the intelligent reconstruction of the MarTech product line, expecting to enter a new commercialization phase in Q4. The firm is optimistic about the new generation of Infra supporting the company's accelerated expansion into gaming IAP products and non-gaming categories, driving continuous high revenue growth and gradually releasing operational leverage to enhance profitability. **Risk Warning:** Changes in advertising industry policies, intensified industry competition, and AI application progress not meeting expectations, etc ### Related Stocks - [01860.HK](https://longbridge.com/en/quote/01860.HK.md) - [600061.CN](https://longbridge.com/en/quote/600061.CN.md) ## Related News & Research - [Mobvista Overhauls RSU Scheme to Expand Incentives and Tighten Governance](https://longbridge.com/en/news/278856670.md) - [GTA VI is a worrying sign for the future of physical games](https://longbridge.com/en/news/290728833.md) - [EverQuest Legends is a powerful nostalgia machine](https://longbridge.com/en/news/290846389.md) - [DEVO: 1H 2026 revenue to rise 60%+ year-on-year, with strong game pipeline supporting outlook](https://longbridge.com/en/news/290921772.md) - [Feiyu Technology held shareholder meeting, approved game business cooperation framework agreement](https://longbridge.com/en/news/290953408.md)