--- title: "Guohai Securities: Maintains \"Buy\" rating on MOBVISTA, expects IAP volume inflection point in Q4 2026" type: "News" locale: "en" url: "https://longbridge.com/en/news/289293142.md" description: "Guohai Securities maintains a \"Buy\" rating on MOBVISTA, predicting steady revenue growth from 2026 to 2028. The company's Q1 revenue increased by 32.2% year-on-year, with game clients contributing core resilience and stable gross margins. Early investors are exiting in an orderly manner, successfully attracting long-term institutions such as Temasek. With the optimization of smart bidding strategies and investments in AI new infrastructure, growth potential continues to expand, and it is expected to reach an IAP volume inflection point in Q4 2026" datetime: "2026-06-10T08:14:04.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/289293142.md) - [en](https://longbridge.com/en/news/289293142.md) - [zh-HK](https://longbridge.com/zh-HK/news/289293142.md) --- # Guohai Securities: Maintains "Buy" rating on MOBVISTA, expects IAP volume inflection point in Q4 2026 According to Zhitong Finance APP, Guohai Securities released a research report predicting that MOBVISTA (01860) will have operating revenues of USD 2.727 billion, USD 3.835 billion, and USD 4.972 billion for the years 2026-2028, with net profits attributable to the parent company of USD 128 million, USD 245 million, and USD 386 million, corresponding to PE ratios of 22, 11, and 7X. The adjusted net profits are expected to be USD 141 million, USD 263 million, and USD 425 million. The company is a leading global programmatic advertising platform, utilizing intelligent bidding strategies to capture incremental budgets from mid-to-heavy gaming and non-gaming advertisers, with growth potential expected to continue, maintaining a "Buy" rating. ## Guohai Securities' main points are as follows: **Stable year-on-year revenue growth, gaming clients contribute revenue elasticity, gross margin remains stable** In Q1 2026, the company's revenue was USD 581 million (yoy +32.2%, qoq +0.73%), of which revenue from gaming clients was USD 431 million (yoy +40.8%), contributing to core revenue growth, while revenue from non-gaming clients was USD 129 million (yoy +12.43%), mainly due to a noticeable seasonal decline in e-commerce category revenue and the company's resource focus on the AI new infrastructure platform. The company's Take Rate in Q1 2026 was 26.0% (qoq +0.57pct), with a gross margin of 21.0%, remaining stable during the platform phase. **Good control of sales and management expenses** In Q1 2026, the company's sales expenses were USD 23.11 million (yoy +33.7%), mainly due to increased bidding costs from business scale expansion, with a sales expense ratio of 3.98% (yoy +0.04pct); management expenses were USD 18.78 million (yoy +16.4%), with a management expense ratio of 3.23%, mainly due to increased equity incentive expenses; R&D expenses were USD 61.97 million (yoy +46.9%), with an R&D expense ratio of 10.66% (yoy +1.1pct), mainly due to expenditures related to new platform development, training, testing, and performance optimization. The operating profit margin in Q1 2026 was 3.85%, with adjusted net profits of USD 24.21 million (yoy +10.6%) and an adjusted net profit margin of 4.17%. **AIInfra new infrastructure platform expected to launch in Q4 2026, IAPROAS model likely to accelerate** In Q1 2026, the company's core R&D directions included AI new infrastructure and MaxAgent multi-agent systems. By June 2026, the new generation AIInfra system had completed major development, with improvements in R&D efficiency and model prediction accuracy observed. After testing, gray-scale, and stability verification in Q3, it is expected to be fully launched in October, with the IAPROAS model under the new infrastructure likely to demonstrate business effects in Q4 2026. The MarTech product line is advancing towards intelligent reconstruction, expected to enter a new commercialization phase in Q4 2026, with technological dividends expected to be steadily released. **Introduction of shareholder Temasek, issuance of large equity incentives, highlighting the company's confidence in future development** On May 26, the company officially announced the introduction of strategic shareholder Temasek, headquartered in Singapore, with an investment amount of USD 150 million, accounting for 5.7% of the issued voting shares, with an average purchase price of HKD 12.99 The company has achieved an orderly exit for some early investors and successfully introduced high-quality long-term investors, including Temasek, as well as other long-term institutions. In March 2026, the company will launch an equity incentive plan with clear performance/market value targets, focusing on incentivizing the CEO, core product R&D management team, and other management, which is expected to strengthen the alignment of interests between the business team and the listed company, effectively motivating the product and technology teams to generate revenue and profits, highlighting the management's confidence in the company's medium to long-term development. **Risk Warning:** Risks include advertisers' budget not meeting expectations, uncertainties in the progress of AI advertising models, industry competition, data privacy protection policy risks, and costs control not meeting expectations, among others ### Related Stocks - [01860.HK](https://longbridge.com/en/quote/01860.HK.md) - [000750.CN](https://longbridge.com/en/quote/000750.CN.md) ## Related News & Research - [GTA VI is a worrying sign for the future of physical games](https://longbridge.com/en/news/290728833.md) - [An Interview with Barchart's AI Market Analyst CARL](https://longbridge.com/en/news/290709753.md) - [AllianceBernstein's CEO says you should be worried about an AI bubble](https://longbridge.com/en/news/291029816.md) - [DEVO: 1H 2026 revenue to rise 60%+ year-on-year, with strong game pipeline supporting outlook](https://longbridge.com/en/news/290921772.md) - [1 of the Most Interesting AI Stocks in the Market Isn’t a Tech Company](https://longbridge.com/en/news/290606417.md)