Three’s Company has released its 1H26 results:revenue came in at RMB1,981mn(+19.55%YoY),with an attributable net profit of RMB79mn(-45.31%YoY)and arecurring net profit of RMB128mn(+1.29%YoY).The decline in attributable net profit was due to afair-value change loss of RMB73.85mn on its stake in CR Beverage,while the recurring net profit edged up YoY,indicating stable core operations.In 2Q26,revenue was RMB918mn(+9.34%YoY,-13.58%QoQ),with an attributable net profit of RMB68mn(-4.07%YoY,+517.04%QoQ)and arecurring net profit of RMB75mn(-30.76%YoY,+41.10%QoQ);the operating cash flow turned positive QoQ at RMB215mn.Maintain BUY,considering sustained growth in the core marketing business and the long-term growth potential from diversified initiatives in the low-altitude economy and AI.
Main business sustained growth
By segment,1H26 digital marketing services revenue was RMB1,612mn(+19.19%YoY),scenario activity services revenue was RMB147mn(+20.33%YoY),and campus media marketing revenue was RMB16mn(+170.31%YoY),driven by arecovery in budgets from FMCG and financial sector clients.The company’s overall gross margin was 16.33%,down by 2.29pp YoY,owing to ahigher proportion of low-margin advertising agency business;the selling/administrative/R&D/financial expense ratios were 5.81/1.45/0.94/0.34%,down by 2.28/0.25/0.51/0.39pp YoY,with AI empowerment optimizing staffing and delivering notable cost control.For 2Q26,the operating cash flow was RMB215mn,turning positive QoQ,and cash-like assets totaled RMB716mn at period-end,indicating ample capital reserves.
Diversified business presence deepening
The company continued to advance its frontier technology initiatives:Huaying Aviation completed aSeries Afinancing round of over RMB500mn and signed purchase intent agreements for 100 aircraft with five customers including ZTO Group,with the total value exceeding RMB3bn.Through afund,the company invested RMB80mn to increase its stake in Shengshu Technology,positioning in the Vidu video foundation model and Motus embodied intelligence model,which may strengthen AI marketing video production capabilities;meanwhile,its strategic investment in Tianxing Medical was listed on the Hong Kong Stock Exchange in May.In April 2026,the company changed its name to‘Three’s Company Future Technology Group,’further upgrading its strategic positioning toward frontier technology exploration and application.
Earnings forecasts and valuation
Considering the non-recurring loss impact in 2026,sustained growth in the core marketing business,continued operating efficiency gains from AI application,and the rollout of new businesses such as the low-altitude economy and AI,we adjust our 2026/2027/2028 attributable net profit forecasts to RMB207/295/373mn(adjusted by-6.81/+4.17/+5.75%vs prior).Peers trade at 45x 2027E PE on average(Wind consensus).Given the profitability pressure on the traditional marketing business and the early-stage nature of AI and low-altitude businesses,we apply adiscount at 39x 2027E PE and raise our target price to RMB54.55(previous:RMB47.47,based on 45x 2026E PE).Maintain BUY.
Risks:Weak ads demand,fair-value volatility in financial assets,progress in emerging businesses(ie,low-altitude economy)missing our estimates.

　　公司发布半年报：26H1实现营业收入19.81亿元（yoy+19.55%）；归母净利润0.79亿元（yoy-45.31%）；扣非后净利润1.28亿元（yoy+1.29%）。归母净利润下滑主要系所持华润饮料股权公允价值变动收益-7,385万元，扣非后净利润同比微增，主业经营平稳。其中Q2实现营收9.18亿元（yoy+9.34%，qoq-13.58%），归母净利润0.68亿元（yoy-4.07%，qoq+517.04%），扣非净利润0.75亿元（yoy-30.76%，qoq+41.10%），经营现金流2.15亿元，环比转正。考虑到营销主业维持增长，且低空经济、AI等多元布局有望打开长期成长空间，维持“买入”评级。
　　主业维持增长，AI赋能推动降本增效
　　分业务看，公司26H1数字营销服务收入16.12亿元（yoy+19.19%），场景活动服务收入1.47亿元（yoy+20.33%），校园媒体营销收入0.16亿元（yoy+170.31%），主要受快消、金融等行业客户预算回升带动。公司综合毛利率16.33%，同比-2.29pct，主要系低毛利广告投放代理业务占比提升；销售/管理/研发/财务费用率分别为5.81%/1.45%/0.94%/0.34%，同比-2.28/-0.25/-0.51/-0.39pct，AI赋能人员配置优化，费用管控成效显著。Q2经营现金流2.15亿元，环比转正，期末现金类资产合计7.16亿元，资金储备充裕。
　　“营销+低空+AI”多元布局持续深化
　　公司持续推进前沿科技布局：华鹰航空完成超5亿元A轮融资，并与中通集团等5家客户签署100架购机意向协议、金额超30亿元；通过基金以8,000万元增资生数科技，布局Vidu视频大模型及Motus具身智能模型，有望补足AI营销视频素材生产能力；同时战略投资的天星医疗于5月登陆港股。26年4月公司更名为“三人行未来科技集团”，战略定位进一步向前沿科技探索与应用升级。
　　盈利预测与估值
　　考虑到26年非经损失影响，以及营销主业维持增长、AI赋能持续提升经营效率，低空经济、AI等新业务逐步落地，我们调整公司26-28年归母净利润为2.07/2.95/3.73亿元（较前值分别调整-6.81%/4.17%/5.75%）。27年可比公司Wind一致预期PE均值45x，考虑公司传统营销主业盈利能力仍有压力，AI及低空等新业务尚处于培育期，给予一定折价，给予27年39xPE估值，上调目标价为54.55元（前值47.47元，对应45X26年PE）。维持“买入”评级。
　　风险提示：广告需求疲软；金融资产公允价值波动较大；低空经济等新兴业务落地不及预期。

Earnings forecasts and valuation
Considering the slow recovery in core ads operations,upfront investment for new client acquisition,and volatile investment returns,we forecast 2026/2027/2028 attributable net profit of RMB222/283/353mn.Peers now trade at 52x 2026E PE on average(Wind consensus).Given the profitability pressure in ads operations and new businesses remaining at the early stage,we apply adiscount at 45x 2026E PE.Our target price is RMB47.47.Maintain BUY.
Risks:Weak ads demand,subdued core business profitability,volatile investment returns,slow progress in emerging businesses.

　　公司发布2025年年报：全年实现营业收入36.65亿元（yoy-12.92%）；归母净利润1.90亿元（yoy+54.04%），符合业绩预告，增长主因对外投资收益增加、金融资产相关亏损大幅收窄、信用减值与资产减值计提优化；扣非后净利润1.97亿元（yoy-16.38%）。其中Q4单季度实现营收10.96亿元（yoy-2.50%），归母净利润0.45亿元（同比扭亏，去年同期-0.58亿元），扣非后归母净利润0.40亿元（yoy-45.45%）。2025年公司拟实施现金分红1.52亿元，占全年归母净利润的79.9%。考虑到公司现金流显著改善以及在体彩/低空/AI算力等领域的多元布局有望打开长期成长空间，维持“买入”评级。
　　主业需求持续承压，费用整体管控平稳，现金流大幅改善
　　25年公司营收下滑主因广告行业复苏偏慢，汽车等行业部分广告主营销预算收缩，但公司积极开拓了兴业银行、中粮集团、TCL、赛力斯、郑州日产、北京现代、捷途汽车等优质客户，有望逐步贡献营收增长。25年公司综合毛利率16.78%，同比下滑1.46pct，我们推测或因新客户拓展投入加大。公司加强了费用端和现金流管控，25年销售/管理/研发费用分别同比减少14.48%/2.60%/13.74%，2025年经营活动现金流净额5.43亿元，同比+344.88%。公司加大下游应收催收力度，期末应收账款同比下降26.97%，同时合理拉长上游供应商结算周期，优化付款节奏与支付方式，以先收后付模式有效压降当期经营性现金支出。
　　多元业务布局拓展战略支点
　　公司积极拓展新兴行业领域与优质业务赛道，逐步形成“营销+体育+低空+AI算力”多元成长矩阵：1）在先进装备制造、低空经济领域，22年公司战略出资设立陕西华鹰众行航空科技有限公司，26年3月该公司自研的HE-1A大型无人运输机系统型号合格证申请获受理，进入适航审定阶段；2）25年6月公司完成对常州瑞华化工工程技术股份有限公司的退出，投资收益率超70%；3）25年7月战略投资深圳市科通技术股份有限公司，将在多领域开展合作；4）24年依托自身积累切入体育彩票业务领域，25年在多个省市落地30余家体育彩票形象店，并签约了近千家渠道门店。
　　盈利预测与估值
　　考虑公司广告主业复苏缓慢、新客户拓展前期投入、投资收益波动较大，我们预计26-28年归母净利润预测为2.22/2.83/3.53亿元。26年可比公司Wind一致预期PE均值52x，考虑公司广告主业盈利能力仍有压力、新业务尚处培育期，给予一定折价，给予26年45xPE估值，目标价为47.47元。维持“买入”评级。
　　风险提示：广告需求疲软，主业盈利偏弱，投资收益波动较大，新兴业务落地不及预期。