According to the Zhitong Finance APP, Huachuang Securities released a research report stating that MOBVISTA (01860) is one of the leading global third-party programmatic advertising companies, with network effects and AI Infra resonating to build a growth flywheel. The firm is optimistic about the company's growth potential in the global third-party programmatic advertising market, as well as the next round of growth brought by the ramp-up of IAP products. It is expected that the company's revenue will reach USD 2.7 billion, 3.7 billion, and 4.6 billion from 2026 to 2028, with adjusted net profits of USD 150 million, 260 million, and 380 million, respectively. Using the PE valuation method, the company is given a target PE of 25x for 2026, corresponding to a target market value of USD 3.7 billion, equivalent to HKD 28.7 billion, and a target price of HKD 17.7. This is the first coverage, with a "strong buy" rating.

The main points of Huachuang Securities are as follows:

MOBVISTA is a global advertising marketing company positioned in the programmatic advertising sector, focusing on mid to long-tail traffic. The company was established in 2013, initially starting with non-programmatic performance advertising; in 2016, it launched the programmatic advertising platform Mintegral, entering the programmatic advertising market; in 2019, it proposed building a SaaS tool matrix to optimize the marketing ecosystem, covering scenarios such as statistical analysis and cloud cost optimization.

Mintegral is the company's core platform, with network effects and AI Infra resonating to build a growth flywheel; smart bidding products drive high revenue growth, and IAP products are expected to drive a new round of growth.

The main profit model of the Mintegral platform is to earn the price difference by algorithmically matching advertisers with traffic media transactions. The programmatic advertising industry has a significant flywheel effect, and the company has formed a growth flywheel of "traffic-data-ROI-budget" through years of accumulation. By 2025, the number of SDK-integrated apps will reach 117,000, with daily ad requests exceeding 40 billion. It ranks among the top four in the Singular 2026 ROI index for global entertainment/tools/on-demand services/games. The company continues to increase investment in AI infra, advancing projects such as the "Star Gate Project" and component transformation, focusing on the training and incentives for R&D personnel to ensure algorithmic leadership with high-performance underlying infrastructure. Mintegral has gone through the platform building phase (2016-2018), algorithm optimization and ecosystem expansion phase (2019-2022), and entered the smart bidding phase in 2023, successively launching IAA ROAS, Target CPE, Hybrid ROAS, and IAPROAS products, gradually expanding from IAA advertiser budgets to hybrid monetization and IAP advertiser budgets. Benefiting from the ramp-up of smart bidding products, the company's revenue growth rate from Q3 2024 to Q2 2025 is expected to be 55%/63%/46%/48%. In the future, as the IAP ROAS products gradually ramp up, it is expected to drive the company's revenue into a new high-growth period.

The programmatic and third-party advertising markets continue to expand, and the company has become one of the leading players in the third-party programmatic advertising market.

The global mobile application advertising market has vast potential. According to Statista and Newzoo, the global mobile application advertising market is expected to reach USD 407 billion by 2025 and USD 663 billion by 2030. In terms of transaction methods, benefiting from the development of big data and AI technology, programmatic advertising has become mainstream. According to MAGNA, the global programmatic advertising market share is expected to reach 85%-90% by 2025 From the perspective of platform types, walled garden platforms like Meta and Google account for about 3/4 of the market, while the remainder mainly consists of third-party advertising platforms. Benefiting from antitrust/privacy protection laws, technology-driven advancements, and the demands of small and medium developers, the market share of third-party advertising platforms has increased from 15% in 2020 to 25% in 2025. According to the bank's calculations, Mobvista's Mintegral has become one of the leading players in the third-party programmatic advertising market, with a global market share of 1.9% in mobile advertising by 2025, second only to AppLovin's 5.4% and The Trade Desk's 2.8%.

Risk Warning: The global mobile advertising industry's prosperity may fall short of expectations, technology iterations and algorithm effectiveness may not meet expectations, the commercialization of smart bidding products may not meet expectations, industry competition may intensify, data privacy and platform policy changes, as well as overseas policy and compliance risks, etc