本报讯 （记者袁传玺）近日，美图公司旗下美图影像研究院（MT Lab）联合清华大学、新加坡国立大 学、北京理工大学、北京交通大学等知名高校的五项研发成果入选IEEE国际计算机视觉与模式识别会 议CVPR 2025。作为计算机视觉领域的世界三大顶级会议之一，CVPR 2025投稿量再次刷新纪录，超过 13000篇工作进入评审流程，录用比例仅为22.1%。 此前，由国际人工智能促进协会主办的顶级学术会议AAAI 2025于3月4日圆满落下帷幕，美图影像研究 院（MT Lab）携手中国科学院大学、北京交通大学的两项研发成果成功入选。作为人工智能领域历史 最悠久、涵盖内容最广泛的国际顶级学术会议之一，AAAI 2025共收到12957篇有效投稿，录取率仅为 23.4%。 美图此次七项研发成果均聚焦于图像编辑领域，包含三项生成式AI技术成果、三项分割技术成果和一 项3D重建技术成果。 其中，生成式AI技术（GlyphMastero、MTADiffusion、StyO）属于CVPR最热门的前沿方向之一，美图 在该方向上也屡获突破，依托生成式AI推出的多款产品与功能受到全球多个国家用户的喜爱。 目前，GlyphMaster ...

证券研究报告 | 2025年04月05日 总收入同比增长 20%，经调整利润同比增长 44%。24H2，美图实现总收入 17.2 亿元，同比+20%，影像产品收入增长强劲带动。24H2，影像与设计产品业务 /广告业务/美业解决方案业务收入同比增长 59%/8%/-60%，占收入比 67%/26%/7%。24H2 公司毛利润 12.4 亿元，同比+38%，毛利率 72%，同比+9pct。 毛利率提升主要系高毛利的影像与设计产品业务和广告业务占比提升。24H2 公司总体费用同比+40%，公司持续对 AI 投入，其中研发费用同比+42%。 2024H2，公司经调整归母利润 3.1 亿元，同比提升 44%，经调整归母利润率 18%，同比提升 3pct。预计 25 年持续释放经营杠杆，利润侧继续高增长。24 年在视觉大模型的训练费用约为 1.4 亿元，25 年预计持平。站酷并购使得 24 年研发费用有 2000 万元一次性增加，25 年费用增长一次性影响会减少。 付费渗透率提升驱动影像设计产品收入高速增长。1）24H2，美图影像设计 产品收入 11.55 亿元，同比+59%。运营数据来看，24H2MAU 2.66 亿， ...

Group 1 - The core theme of the 2025 China Internet Media Forum was the integration of art and technology, with Meitu showcasing its image and design products [1] - Meitu's founder, Wu Xinhong, emphasized the company's mission to promote traditional culture and Chinese aesthetics globally through its products [1] - The "Meitu AI Universal Project" and "Meitu Chinese Traditional Culture Dissemination Project" are key initiatives aimed at leveraging AI for positive creative expression and cultural promotion [1] Group 2 - The "AI Universal Project" focuses on using AI to assist agriculture, education, and small enterprises, demonstrating the widespread application of AI technology [2] - The "Chinese Traditional Culture Dissemination Project" transforms traditional patterns and ethnic costumes into digital assets, revitalizing cultural heritage through technology [2] - These initiatives reflect a commitment to social responsibility and provide replicable digital upgrade solutions for the industry [2]

消息面上，近日，美图公司披露2024年业绩，公司2024年实现收入33.41亿元，同比增长23.9%，经调整 归母净利润5.86亿元(预告区间为5.6-5.89亿元)，接近预告区间上限，同比增长59.2%。华鑫证券指出， 美图影像与设计产品业务驱动公司再下一城。美图商业化持续优化，公司毛利率从2023年的61.4%提升 至2024年的68.7%得益于高毛利率业务影像与设计产品收入占比提升；主业端，2024年公司影像与设计 产品收入20.9亿元(同比+57.1%)，占比62.4%，AI技术赋能影像与设计产品的快速发展，"AI捏捏"等提 升用户体验增强用户黏性，进而推动付费订阅用户数达1261万，同比+38.4%，订阅渗透率约为4.7%)。 智通财经APP获悉，美图公司(01357)涨超3%，截至发稿，涨2.08%，报5.4港元，成交额3642.82万港 元。 招商证券认为，公司利润端维持高增，主要来自以下几点：1)AI技术驱动的高毛利核心业务"影像与设 计产品"收入快速增长，24年全年该分部收入达20.86亿元，同比增长57.1%，占总收入比重达62%；此 外广告业务收入达8.53亿元，同比增长12.5%，其中 ...

Investment Rating - The report assigns a "Buy" investment rating for the company, marking the first coverage of the stock [7]. Core Insights - The company is expected to achieve significant growth driven by its image and design product business, with projected revenue of 2.09 billion yuan in 2024, representing a year-on-year increase of 57.1% [2]. - The company's gross margin is anticipated to improve from 61.4% in 2023 to 68.7% in 2024, benefiting from a higher proportion of high-margin image and design product revenues [2]. - The company is focusing on "productivity and globalization" as its core strategies, leveraging AI technology to enhance product applications and meet diverse local needs [3]. - The company aims to replicate its domestic market strategies in overseas markets, with a strong emphasis on AI-driven tools that lower creative barriers and create new value increments [4]. Financial Projections - Revenue projections for the company are as follows: 4.25 billion yuan in 2025, 5.11 billion yuan in 2026, and 6.05 billion yuan in 2027, with corresponding net profits of 815 million yuan, 1.07 billion yuan, and 1.39 billion yuan respectively [7][9]. - The earnings per share (EPS) are projected to be 0.18 yuan in 2024, 0.24 yuan in 2026, and 0.31 yuan in 2027, indicating a positive growth trajectory [9][10]. - The company is expected to maintain a robust return on equity (ROE) of 16.0% in 2024, improving to 17.1% by 2027 [10].

Investment Rating - The report assigns a "Buy" investment rating for the company, marking the first coverage of the stock [1][7]. Core Insights - The company's gross margin is expected to improve from 61.4% in 2023 to 68.7% in 2024, driven by the increasing revenue share from high-margin imaging and design products [2]. - The revenue from imaging and design products is projected to reach 2.09 billion yuan in 2024, representing a year-on-year growth of 57.1% and accounting for 62.4% of total revenue [2]. - The number of paid subscription users is anticipated to grow by 38.4% year-on-year, reaching 12.61 million, with a subscription penetration rate of approximately 4.7% [2]. - The advertising revenue is expected to be 853 million yuan in 2024, showing a steady growth of 12.5% year-on-year, although its proportion of total revenue is declining as the company shifts towards a subscription model [2]. - The company aims to focus on "productivity and globalization" as its core strategies, enhancing product application capabilities in vertical scenarios and leveraging AI technology for product development [3]. - The company is positioned to replicate its domestic market strategies in overseas markets, with a focus on user acquisition and profitability [4]. Financial Projections - Revenue forecasts for 2025, 2026, and 2027 are 4.253 billion yuan, 5.109 billion yuan, and 6.054 billion yuan, respectively, with corresponding net profits of 815 million yuan, 1.073 billion yuan, and 1.391 billion yuan [7][9]. - The earnings per share (EPS) are projected to be 0.18 yuan, 0.24 yuan, and 0.31 yuan for the years 2025, 2026, and 2027, respectively [7][9]. - The current stock price corresponds to price-to-earnings (P/E) ratios of 32.63, 24.79, and 19.13 for the years 2025, 2026, and 2027 [7][9].

Core Insights - The article discusses how Meitu, a company focused on image technology, is leveraging AI to explore new growth opportunities in productivity tools, particularly in commercial design and video creation [1][2][3]. Group 1: AI and Productivity Tools - The "AI+" policy is driving the development of AI productivity tools, which are becoming a crucial part of the digital economy [2][5]. - Meitu is expanding its AI applications from image aesthetics to productivity tools, including commercial design and video production, creating a new growth curve [1][3]. - The company has launched the Meitu Design Studio, an AI-driven online design tool that helps users generate high-quality visual content efficiently [3]. Group 2: Business Growth and User Engagement - In 2024, Meitu's productivity tools saw significant growth, with the Meitu Design Studio reaching 1.13 million subscription users and generating over 200 million yuan in revenue, doubling year-on-year [1]. - The "Kaipai" video creation tool achieved over 1 million monthly active users within a year, becoming the leading product in the Chinese market for video production [4]. Group 3: Global Expansion and Market Strategy - Meitu is accelerating its international expansion, with a 22% year-on-year increase in monthly active users outside mainland China, reaching 94.51 million [6]. - The company employs a "Product-Led Growth + Social Media Amplification" strategy to effectively reach target users in overseas markets [6]. - The willingness to pay for productivity tools is stronger in international markets, providing Meitu with greater growth potential in commercial design and video creation [6]. Group 4: Future Outlook - Analysts predict that Meitu will benefit from AI-driven growth, with expected revenues of 4.2 billion yuan, 5 billion yuan, and 5.9 billion yuan for the years 2025 to 2027 [7]. - The ongoing evolution of AI technology and continuous policy support are expected to create new development opportunities for Meitu, positioning it as a significant player in the global AI productivity tools market [7].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a total revenue of 3.34 billion HKD in 2024, representing a year-on-year growth of 23.9%. The adjusted net profit attributable to shareholders was 586 million HKD, a year-on-year increase of 59.2%, marking six consecutive years of positive net profit growth since 2019. The gross margin was recorded at 68.7%, an increase of 7.3 percentage points year-on-year [4][5][7] - The company has accelerated its global expansion, with global monthly active users reaching 266 million, a year-on-year increase of 6.7%. Overseas users accounted for 94.51 million (35.6% of total users), growing by 21.7% year-on-year. The introduction of AI features has significantly contributed to user growth and engagement [5][6] - The company has seen a significant increase in paid subscription users, reaching approximately 12.61 million, a historical high with a year-on-year growth of 38.4%. The subscription penetration rate is approximately 4.7%, with a focus on higher-margin imaging and design products [6][7] Financial Performance - For 2025-2027, the company is projected to achieve revenues of 4.11 billion HKD, 4.99 billion HKD, and 5.90 billion HKD, with year-on-year growth rates of 22.9%, 21.4%, and 18.3% respectively. The NON-IFRS net profit is expected to be 903 million HKD, 1.20 billion HKD, and 1.47 billion HKD, with growth rates of 54.2%, 32.2%, and 23.3% respectively [7][10]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a total revenue of 3.34 billion HKD for 2024, representing a year-on-year growth of 23.9%. The adjusted net profit attributable to shareholders was 586 million HKD, a 59.2% increase year-on-year, marking six consecutive years of positive net profit growth since 2019. The gross margin reached 68.7%, up by 7.3 percentage points year-on-year [4][5] - The company is accelerating its global expansion, with global monthly active users reaching 266 million, a 6.7% year-on-year increase, of which overseas users accounted for 94.51 million (35.6%), growing by 21.7% year-on-year. The "AI Dressing" feature significantly contributed to the addition of over 20 million overseas users [5][6] - The company has seen a significant increase in paid subscription users, reaching approximately 12.61 million, a historical high with a year-on-year growth of 38.4%. The subscription penetration rate is about 4.7% [6][7] Financial Performance - For 2025-2027, the company expects revenues of 4.11 billion HKD, 4.99 billion HKD, and 5.90 billion HKD, with year-on-year growth rates of 22.9%, 21.4%, and 18.3% respectively. The NON-IFRS net profit is projected to be 903.996 million HKD, 1.195 billion HKD, and 1.474 billion HKD, with growth rates of 54.2%, 32.2%, and 23.3% respectively [7][10]

Investment Rating - The report maintains a rating of "Buy" for the company, with a target price of 7.04 HKD, reflecting a potential upside based on projected growth [4][26]. Core Insights - The company achieved a total revenue of 3.34 billion RMB in 2024, with a significant increase in the revenue share from its core imaging and design products, which accounted for 62.4% of total revenue, reaching 2.09 billion RMB, a year-on-year growth of 57.1% [1][13]. - The overall gross profit for 2024 was 2.29 billion RMB, resulting in a gross margin of 68.7%, an increase of 7.24 percentage points compared to the previous year [1][13]. - The adjusted net profit attributable to the parent company grew by 59.2% year-on-year, exceeding the previously announced expectations [1][13]. Summary by Sections 1. Imaging and Design Core Competence - The company has enhanced its core capabilities in imaging and design, forming a combination of image, video, and design tools, with the imaging and design product revenue growing significantly [1][13][17]. - The advertising business also saw a revenue increase of 12.5%, contributing 25.5% to total revenue, while the beauty industry solutions revenue decreased by 32.4% [1][13]. 2. AI-Driven Overseas Market Expansion - The company increased its R&D expenses by 43.3% to 910 million RMB in 2024, focusing on AI model training and product development [3][19]. - The monthly active users (MAU) from overseas markets reached 94.51 million, a year-on-year growth of 21.7%, indicating successful user acquisition strategies [2][19]. 3. Profit Forecast and Investment Recommendations - Revenue projections for 2025 to 2027 are estimated at 4.05 billion RMB, 4.85 billion RMB, and 5.65 billion RMB, respectively, with a consistent growth rate [6][23]. - The gross margin is expected to continue increasing, reaching 71%, 73%, and 74% over the next three years, driven by the high-margin imaging and design products [6][26].