Technology – Others On track to deliver
■ In this report, we review the 1Q21 results and operating data of Chinese online
marketing companies, including internet platforms and advertising agents.
■ Overall, internet platforms reported resilient yoy growth in advertising revenue. Video based platforms outperformed, because video content format has captured an increasing share of user time.
■ The companies under our coverage reported good growth in their online advertising agency business in 1Q21, and their SaaS business is growing on track. Management also reiterated their positive views.
■ We reiterate our ADD ratings on the companies under our coverage.