According to the Zhitong Finance APP, Zhongtai Securities released a research report stating that MOBVISTA (01860) is in the first tier of overseas programmatic advertising, with IAP capabilities about to be released and operational leverage continuously optimized. The firm expects the company's operating revenue for 2026-2028 to be USD 2.64 billion / 3.52 billion / 4.16 billion, representing year-on-year growth of 28.9% / 33.5% / 18.0%; net profit attributable to the parent company is expected to be USD 898 million / 1.458 billion / 1.900 billion, with year-on-year growth of 45.8% / 62.3% / 30.3%, corresponding to PE ratios of 26.3 / 16.2 / 12.4 times. This is the first coverage, giving a "buy" rating.

The main points of Zhongtai Securities are as follows:

Company Overview: A leading company in programmatic advertising, steadily advancing with accelerated performance growth

The company is an advertising marketing technology service provider targeting the overseas mobile application ecosystem, starting from an advertising alliance, shifting to an AI-driven programmatic platform after 2016, and extending to a SaaS toolkit since 2020, forming a service system of "advertising placement - monetization - data analysis - creative production - optimization and cost reduction," with Mintegral's programmatic advertising revenue maintaining a 96% share since 2024. Over 70% of the company's revenue comes from gaming clients, reaching over 250 countries and regions. Mintegral is driving performance into an accelerated phase, with revenue of USD 2.047 billion in 2025, a year-on-year increase of 35.7%, and net profit attributable to the parent company of USD 62 million, a year-on-year increase of 291.5%; in Q1 2026, net profit attributable to the parent company continues to grow by 60.6%, with operational efficiency continuously released.

Industry Analysis: A new landscape for the App ecosystem, the third-party programmatic advertising in the AI era is reaching a turning point

The global mobile advertising and programmatic buying market remains in a high prosperity zone: by 2025, the global online advertising scale will reach USD 799 billion, with mobile advertising reaching USD 586.6 billion, accounting for 73% of online advertising; the global mobile programmatic advertising market is expected to be about USD 299 billion, accounting for 85%-90% of MAA. The scale of overseas third-party programmatic advertising independent platforms is accelerating growth: in the U.S. programmatic advertising market, the open network accounts for about 29%, providing long-term growth space for third-party independent platforms.

AI is further opening up the supply side of the App ecosystem: AI coding reduces the development and operational costs for small and medium applications, and AI multimodal drives the expansion of entertainment content such as micro-short dramas and casual games. By May 2026, the download volume of overseas micro-short drama Apps reached 250 million, a year-on-year increase of about 76%, and the global MAA material investment in the entertainment track increased by 15% year-on-year, enhancing both acquisition and monetization demand. In terms of competitive landscape, giant platforms still have data and brand advantages, but the increased sensitivity of advertisers to ROAS is driving independent platforms to accelerate breakthroughs, forming a competitive landscape with AppLovin as a leader and Mintegral, Unity Ads, Liftoff, Moloco, and others as strong contenders.

Operational Analysis: IAP conversion capabilities are emerging soon The core focus of the company's conversion capability lies in the emergence of IAP ROAS ability and the iteration speed of the intelligent bidding system. From 2023 to 2025, the company will continuously launch Target ROAS products such as IAA, IAA+IAP, and IAP, as well as Target CPE capabilities, and will refine the intelligent bidding product system in 2024, driving a 39% quarter-on-quarter growth and a 64% year-on-year growth in Mintegral's revenue in the second half of 2024. Meanwhile, the company is accelerating the upgrade of AI infrastructure, with cloud spending expected to exceed $100 million for the first time in 2025, and the new generation of infrastructure is expected to go live in October 2026, which is likely to promote the evolution of organizational workflows to a higher level of automation.

In terms of the business flywheel, the number of apps accessing the Mintegral SDK increased from 17,000 to 117,000 from 2022 to 2025, and the number of ad requests from the SDK grew from 16 billion to 148 billion. The company's operations have consistently maintained strategic stability, adhering to long-termism and technological investment to drive sustainable performance growth, while the equity incentive goals reflect the company's confidence in development during the auto-pilot era.

Risk Warning

Risks of fluctuations in the macro economy and advertisers' budgets; risks of changes in overseas privacy regulations and platform policies; risks of acquiring traffic resources and rising costs; risks of intensified competition in the programmatic advertising industry; risks of algorithm iteration and IAP ROAS performance falling short of expectations; risks of third-party data distortion or untimely updates