蓝色光标：数字化与国际化的双轮驱动，引领营销行业新增长

蓝色光标：数字化与国际化的双轮驱动，引领营销行业新增长

BlueFocus: Digitalization and Internationalization to Drive New Growth Phase

公关业务高速增长，广告并购协同效应显著

作为中国公关行业的领军企业，蓝色光标自2006年以来实现了惊人的增长，公关业务收入和毛利润的年均复合增长率分别达到47%和44%。 2010年上市后，公司通过资本运作快速切入广告领域，预计2014年广告业务将贡献51%的收入和40%的毛利润。

Rapid PR Growth and Advertising Synergies

As China's PR industry leader, BlueFocus achieved remarkable growth since 2006, with 47% and 44% CAGR in PR revenue and gross profit respectively. After going public in 2010, the company swiftly expanded into advertising through M&A, with advertising expected to contribute 51% of revenue and 40% of gross profit in 2014.

数字化与国际化：未来增长的双引擎

在数字化方面，RTB展示广告在中国仅占0.1%的市场份额，远低于美国水平，预计未来5年将保持58%的高速增长。国际化方面，公司将以欧美成熟市场为重点，预计2014年海外收入占比将达10%。

Digitalization and Internationalization: Twin Growth Engines

In digital marketing, RTB ads account for just 0.1% in China versus US levels, with 58% growth expected in next 5 years. For international expansion, the company will focus on developed markets, with overseas revenue projected to reach 10% in 2014.

卓越管理+资金支持=持续增长保障

五位创始人共同控股的股权结构确保了公司稳定发展，完善的管理层激励机制和企业文化融合成效显著。14亿元可转债的发行将有效解决资金瓶颈问题。

Strong Governance + Funding Support = Sustainable Growth

The co-founder ownership structure ensures stability, while effective incentive mechanisms and cultural integration drive performance. The 1.4 billion yuan convertible bond will address funding constraints.

投资建议：买入评级，目标价32元

基于瑞银VCAM估值模型（WACC 8.0%），我们给予蓝色光标"买入"评级，目标价32元，对应2014-2016年PE分别为41倍、32倍和26倍。

Investment Recommendation: Buy Rating, Target Price 32 Yuan

Based on UBS VCAM valuation (WACC 8.0%), we initiate coverage with Buy rating and 32 yuan target price, representing 41x, 32x and 26x 2014-2016 P/E respectively.