2024年6月13日 公司研究 美图发布 6 款新品，付费用户数稳健提升 ——美图公司（1357.HK）第三届影像节点评 要点 买入（维持） 事件：6月12日，美图公司举办第三届影像节，发布6款AIGC驱动的围绕 当 前价/目标价：2.78/4.42港元 “影像与设计”AI工作流的产品，覆盖商业摄影、口播视频、电商设计、设 计服务、游戏营销、视频生成等领域。 作者 美图深耕AI技术，是为数不多通过AI规模化盈利的公司。AI驱动用户规模 分析师：付天姿 CFA，FRM 增长：截至6月11日，美图全球VIP会员数创下历史新高达1063万（2023 执业证书编号：S0930517040002 年同期为719万，yoy+49%）。1）据QuestMobile数据，自2020年至2024 021-52523692 futz@ebscn.com 年，美图秀秀在图像编辑赛道中MAU份额维持在50%上下，市占率维持第 一；2）美图设计室市场反馈良好，22年1月-24年5 月，每月活跃用户数 联系人：杨朋沛 最高达1773万，每月付费用户最高达93万，月度毛利逐步攀升，已服务了 021-52523878 将近 200 万的电商 ...

美图公司(01357) /软件开发 /公司点评 /2024.06.13 AI 重塑创意工作流，VIP 会员创历史新高 证券研究报告 投资评级:增持(维持) 核心观点  事件：2024年6月12日，美图公司举办以“聊聊AI工作流”为主题的第三届 基本数据 2024-06-12 美图影像节，现场发布6款产品：美图云修V2、开拍V2、美图设计室V3、 收盘价(港元) 2.78 流通股本(亿股) 45.35 站酷设计服务、奇觅、MOKI，覆盖商业摄影、口播视频、电商设计、设计服 每股净资产(港元) 0.91 务、游戏营销、视频生成领域。 总股本(亿股) 45.35  产品升级，解决用户使用场景的痛点。美图云修 V2 升级了 AI 批量精修 最近12月市场表现 和AI批量调色能力，进一步帮助商业摄影客户大幅提效；开拍V2升级了AI 脚本、AI 数字人、视频翻译、一键包装能力，解决口播视频创作者的策划、 美图公司 恒生指数 软件开发 制作、变现等难题；美图设计室V3升级了AI批量化能力和AI商品视频创作 100% 能力，并支持团队多人协作，大幅提升电商物料设计产能。 70% 40%  发布新品，探索 AI商业化落地 ...

2024年6月13日 公司研究 美图发布 6 款新品，付费用户数稳健提升 ——美图公司（1357.HK）第三届影像节点评 要点 买入（维持） 事件：6月12日，美图公司举办第三届影像节，发布6款AIGC驱动的围绕 当 前价/目标价：2.78/4.42港元 “影像与设计”AI工作流的产品，覆盖商业摄影、口播视频、电商设计、设 计服务、游戏营销、视频生成等领域。 作者 美图深耕AI技术，是为数不多通过AI规模化盈利的公司。AI驱动用户规模 分析师：付天姿 CFA，FRM 增长：截至6月11日，美图全球VIP会员数创下历史新高达1063万（2023 执业证书编号：S0930517040002 年同期为719万，yoy+49%）。1）据QuestMobile数据，自2020年至2024 021-52523692 futz@ebscn.com 年，美图秀秀在图像编辑赛道中MAU份额维持在50%上下，市占率维持第 一；2）美图设计室市场反馈良好，22年1月-24年5 月，每月活跃用户数 联系人：杨朋沛 最高达1773万，每月付费用户最高达93万，月度毛利逐步攀升，已服务了 021-52523878 将近 200 万的电商 ...

公司研 究 证券研究报告 传媒 2024年06月07日 美 图公司（01357.HK）深度研究报告 推荐 （首次） AI 浪潮的水手：影像设计龙头的增长飞轮 目标价：4.3港元 与盈利新航道 当 前价：2.89港元 ❖ 十余年探索归来，AI 浪潮下主营收入结构变化。公司自 2008 年成立，打造 华创证券研究所 出众多优秀的设计类产品，有超十年的AI布局和深耕，产品应用矩阵包含： 1）影像与设计产品，覆盖生活、生产力两大场景。2）美业，主要为美妆零 证券分析师：刘欣 售ERP服务与SaaS解决方案。公司的商业化路径调整后，营收保持两位数稳 健增长、利润率逐步改善企稳。当前影像与设计产品营收占比过半，已取代 电话：010-63214660 广告业务成为第一大收入来源。营收增长动能主要来自于订阅收入，如今公 邮箱：liuxin3@hcyjs.com 司聚焦打磨由底层、中间层和应用层构建的AI产品生态，生产力工具有望开 执业编号：S0360521010001 启新的订阅收入增长飞轮。 联系人：郭子萱 ❖ 影像数字化行业发展的三大关键词：订阅制、轻量化、AIGC。我们通过海 邮箱：guozixuan@hcyjs.co ...

公司研 究 证券研究报告 传媒 2024年06月07日 美 图公司（01357.HK）深度研究报告 推荐 （首次） AI 浪潮的水手：影像设计龙头的增长飞轮 目标价：4.3港元 与盈利新航道 当 前价：2.89港元 ❖ 十余年探索归来，AI 浪潮下主营收入结构变化。公司自 2008 年成立，打造 华创证券研究所 出众多优秀的设计类产品，有超十年的AI布局和深耕，产品应用矩阵包含： 1）影像与设计产品，覆盖生活、生产力两大场景。2）美业，主要为美妆零 证券分析师：刘欣 售ERP服务与SaaS解决方案。公司的商业化路径调整后，营收保持两位数稳 健增长、利润率逐步改善企稳。当前影像与设计产品营收占比过半，已取代 电话：010-63214660 广告业务成为第一大收入来源。营收增长动能主要来自于订阅收入，如今公 邮箱：liuxin3@hcyjs.com 司聚焦打磨由底层、中间层和应用层构建的AI产品生态，生产力工具有望开 执业编号：S0360521010001 启新的订阅收入增长飞轮。 联系人：郭子萱 ❖ 影像数字化行业发展的三大关键词：订阅制、轻量化、AIGC。我们通过海 邮箱：guozixuan@hcyjs.co ...

Financial Performance - Adjusted net profit attributable to parent company equity holders reached approximately RMB 370 million, a year-on-year increase of 233.2%[8] - Revenue increased by 29.3% year-on-year to approximately RMB 2.7 billion[8] - Gross profit increased by 39.5% year-on-year to RMB 1.66 billion, with a gross margin of 61.4%[10] - Adjusted net profit attributable to parent company equity holders reached RMB 368.3 million, a year-on-year increase of 233.2%[17] - Total revenue for 2023 was RMB 2,695.7 million, up 29.3% year-on-year[17] - Gross profit rose to RMB 1,655.9 million in 2023 from RMB 1,187.3 million in 2022[24] - Net profit attributable to equity holders of the parent company surged to RMB 378.3 million in 2023 from RMB 94.1 million in 2022[24] - Revenue from imaging and design products grew by 52.8% to RMB 1,327.4 million in 2023, accounting for 49.2% of total revenue[27][28] - Advertising revenue increased to RMB 758.8 million in 2023, representing 28.2% of total revenue[27] - Beauty solutions revenue grew to RMB 569.2 million in 2023, maintaining a 21.1% share of total revenue[27] - Revenue from beauty solutions increased by 29.1% to RMB 569.2 million in 2023, driven by growth in cosmetics supply chain management services[31] - Advertising revenue grew by 20.5% to RMB 758.8 million in 2023, with expectations of steady growth due to a shift towards subscription models[34] - Gross profit increased by 39.5% to RMB 1,655.9 million in 2023, with gross margin rising from 56.9% to 61.4% due to higher-margin businesses[37] - Net profit surged to RMB 366.4 million in 2023, up from RMB 18.9 million in 2022, driven by strong performance in AI-driven imaging and design products[48] - Adjusted net profit attributable to equity holders of the parent company rose to RMB 368.3 million in 2023, compared to RMB 110.5 million in 2022, due to growth in AI-driven imaging and design products[49] - Meitu Network and its subsidiaries' cumulative profit reached RMB 658.0 million as of December 31, 2023[186] - Meitu Network and its subsidiaries' revenue for 2023 was RMB 1,855.9 million, a 36% increase from RMB 1,364.4 million in 2022[190] - Meitu Network and its subsidiaries' total assets as of December 31, 2023, were RMB 3,244.4 million, up 25.4% from RMB 2,587.1 million in 2022[190] - Meitu Network and its subsidiaries' revenue accounted for 68.8% of the group's annual revenue in 2023, compared to 65.4% in 2022[190] - Meitu Network and its subsidiaries' total assets represented 56.3% of the group's total assets as of December 31, 2023, up from 51.7% in 2022[190] User Metrics - Monthly active users (MAU) reached approximately 250 million, a year-on-year increase of 2.6%[8] - Paid subscription users reached 9.11 million, a year-on-year increase of 62.3%[8] - Monthly active users in productivity applications increased by 74.3% year-on-year to 17.66 million[14] - Monthly active users in Mainland China increased by 5.1% year-on-year to 171.47 million[14] - Paid subscription users reached over 9.11 million with a penetration rate of 3.7%, up 62.3% from 2022[28] AI and Technology - Over 83% of content processed by users daily is based on AI functionalities[17] - Meitu launched its self-developed generative AI model "MiracleVision" in June 2023, supporting text-to-image, image-to-image, and image-to-video functionalities[17] - Meitu made minority investments in AI chip companies, multimodal large model companies, and AI-native marketing technology companies to enhance future AI capabilities[18] - The AI product "AI Product Image" generated over 130 million images by February 2024[28] - R&D expenses increased by 8.4% to RMB 635.5 million in 2023, primarily due to higher investments in AI-related technologies[38] Revenue Breakdown - Revenue from imaging and design products increased by 52.8% year-on-year to RMB 1.33 billion[10] - Revenue from beauty solutions increased by 29.1% year-on-year to RMB 569 million[10] - Revenue from advertising increased by 20.5% year-on-year to RMB 759 million[10] - Revenue from the cross-platform application Meitu Design Studio exceeded RMB 100 million, a year-on-year increase of 229.8%[18] - Revenue from image and design products outside mainland China accounted for over 50% of the total revenue line in 2023[19] Acquisitions and Investments - Meitu acquired Zcool Network Technology Limited, which has over 17 million registered users and operates the largest copyright image and video trading platform in mainland China[19] - The company acquired Zcool in February 2024 to enhance its imaging and design ecosystem[28] - Meitu completed the acquisition of Ruichengtianhe, making it a wholly-owned subsidiary after purchasing the remaining 19.81% equity for a total cash consideration[70] - Meitu sold approximately 20% of its equity in Dajie Net for USD 1.00, reducing its stake from 58.98% to 38.98% and ceasing control over Dajie Net[71] - Meitu participated in a USD 22 million equity financing for Pixocial Holdings, subscribing to 2,691,066 Series A preferred shares for USD 3,000,000[74] - Pixocial Holdings' equity decreased from 100% to approximately 80.62% after the Pixocial closing on December 1, 2023[75] - Pixocial Holdings adopted a stock option plan reserving 7,642,626 ordinary shares for employees, directors, and consultants[75] - Stock options corresponding to 1,910,657 ordinary shares of Pixocial Holdings were granted to Mr. Wu and Mr. Song[75] - The Pixocial equity financing and related transactions constitute a deemed sale under Listing Rule 14.29[75] - The Pixocial stock option plan and related grants constitute deemed sales and connected transactions under Listing Rules[76] - No significant acquisitions or disposals of subsidiaries, associates, or joint ventures were made in the year ending December 31, 2023[76] - No other significant events affecting the company occurred after December 31, 2023, up to the latest practicable date[76] Expenses and Costs - Sales and marketing expenses rose by 6.2% to RMB 428.2 million in 2023, driven by overseas expansion in the image subscription business[39] - Administrative expenses increased by 10.7% to RMB 300.9 million in 2023, mainly due to higher employee costs and professional service fees[40] - The company recognized a reversal of impairment loss on cryptocurrencies of approximately RMB 270 million in 2023, due to higher market prices[41] - Goodwill impairment loss of RMB 155.3 million was recorded in 2023 for cash-generating units related to beauty solutions[42] - Other income decreased to RMB 68.6 million in 2023, primarily due to reduced government subsidies and VAT refunds[44] - Other net loss was RMB 41.1 million in 2023, compared to a net gain of RMB 543.0 million in 2022, due to various factors including a decrease in fair value of long-term investments[45] - Net financing income increased by 197.3% to RMB 44.4 million in 2023, driven by higher bank interest income[46] - Income tax expenses decreased by 54.1% to RMB 71.7 million in 2023, primarily due to reduced fair value changes in long-term investments[47] Cash and Financial Position - Cash and cash equivalents stood at RMB 640.6 million as of December 31, 2023, with total cash and liquid financial resources at RMB 1,404.4 million[53] - Capital expenditures totaled RMB 52.0 million in 2023, including RMB 47.4 million for property and equipment purchases[55] - Investments in financial assets measured at fair value through profit or loss increased to RMB 328.1 million in 2023, up from RMB 84.3 million in 2022[57] - The company did not hedge any foreign currency fluctuations for the years ended December 31, 2023, and 2022[58] - The company pledged restricted deposits of RMB 300,000 for certain operating expenses as of December 31, 2023[59] - The company proposed a final dividend of HKD 0.036 per share for the year ended December 31, 2023, totaling approximately HKD 161.2 million[60] - The company's asset-liability ratio was 0.36% as of December 31, 2023, with bank borrowings of RMB 14.98 million at an annualized interest rate of 3.77%[62] - The company had 1,968 full-time employees as of December 31, 2023, compared to 2,057 in the previous year[63] - The company entered into a guarantee agreement on January 5, 2024, covering data promotion and service fees for certain subsidiaries[65] - Meitu holds approximately 23.81% equity in Hugjia Technology with a registered capital of RMB 1.4 million, recorded as a financial asset at fair value through profit or loss[67] - The fair value of Meitu's equity in Hugjia Technology was revalued at approximately RMB 698.1 million, accounting for about 12.10% of the company's total assets[67] - Meitu recorded an unrealized loss of approximately RMB 35.3 million on its equity in Hugjia Technology due to dilution effects from employee incentive shares[67] Shareholder and Equity Information - The company's net proceeds from the IPO amounted to HKD 4,988 million, fully utilized as per the prospectus[97] - The proposed final dividend for the year ended December 31, 2023, is HKD 0.036 per share, totaling approximately HKD 163.3 million[99] - The dividend payout ratio for the year ended December 31, 2023, is approximately 40.2% based on adjusted net profit attributable to equity holders[99] - The company has 4,534,776,084 issued shares as of the latest practicable date[101] - The share premium account balance after the final dividend payment will be approximately RMB 6,945.7 million (equivalent to HKD 7,657.0 million)[101] - The distributable reserves as of December 31, 2023, are USD 670,572,000 (equivalent to RMB 4,749,461,000)[103] - The company's subsidiary Pixocial Holdings issued a total of 19,734,483 Series A preferred shares, representing 7.04%, 3.52%, 2.82%, and 2.11% of the total issued and outstanding shares, for a total consideration of $22,000,000[106] - The company made charitable donations of approximately RMB 330,000 in 2023, compared to RMB 1,257,254 in 2022[105] - The company's CEO received a discretionary bonus totaling RMB 1,480,000 for the year ended December 31, 2023[109] - Under the Pre-IPO Employee Share Option Scheme, 12,870,000 shares were granted to eligible participants, with 12,755,144 shares remaining unexercised as of the latest practicable date[112] - The Pre-IPO Employee Share Option Scheme, which was effective from February 15, 2014, to February 15, 2024, allowed any unexercised options to remain valid after the expiration date[113] - The exercise price for the pre-IPO employee stock option plan is set at $0.03 per share[117] - A total of 17,843,520 stock options were granted under the pre-IPO employee stock option plan[117] - As of December 31, 2023, 12,870,000 stock options remained unexercised under the pre-IPO employee stock option plan[117] - The post-IPO stock option plan allows for the issuance of up to 422,729,455 shares, representing 9.32% of the company's issued share capital[121] - The post-IPO stock option plan will remain effective until December 15, 2026[123] - The maximum number of shares that can be issued to any eligible participant under the post-IPO stock option plan is 1% of the issued shares[124] - The exercise price for the post-IPO stock option plan cannot be lower than the highest of the closing price on the offer date, the average closing price of the five preceding business days, or the face value of the shares[126] - The post-IPO share award plan aims to align the interests of eligible participants with the company's long-term growth and profitability[127] - The maximum number of shares to be granted under the post-IPO share incentive plan is 211,364,727 shares, not exceeding 5% of the company's total issued share capital[130] - As of December 31, 2023, 147,489,337 shares were granted or agreed to be granted under the post-IPO share incentive plan[132] - The total number of shares available for grant under the post-IPO share incentive plan decreased from 90,337,128 shares (2.02% of issued share capital) on January 1, 2023, to 63,875,390 shares (1.41% of issued share capital) on December 31, 2023[132] - The issued share capital could increase from 4,477,678,830 shares to 4,612,009,194 shares if the annual limit of 3% of total issued shares is fully utilized and no options are exercised under pre-IPO or post-IPO option plans[132] - The post-IPO share incentive plan has a remaining term of approximately two years[133] - The company granted 2,550,000 reward shares to director Wu Zeyuan on April 1, 2023, with a vesting period from May 1, 2023, to April 1, 2024[134] - Employees (excluding directors and key executives) were granted 1,229,542 reward shares on October 1, 2023, with a vesting period starting October 1, 2024[134] - A total of 13,149,830 reward shares were granted to employees on April 1, 2023, with a vesting period from April 1, 2023, to April 1, 2024[134] - The company granted 5,100,000 reward shares to employees on April 1, 2023, with a vesting period from April 1, 2024, to April 1, 2025[134] - As of December 31, 2023, 11,355,495 reward shares granted to employees on April 1, 2023, remained unvested[134] - The company granted 471,601 reward shares to consultants on April 1, 2023, with a vesting period from April 1, 2024, to April 1, 2025[134] - The fair value per reward share granted to employees on October 1, 2023, was HKD 3.51[134] - The closing price per share before the grant date for employees on October 1, 2023, was HKD 3.50[134] - The company granted 24,326 reward shares to consultants on April 1, 2023, which were fully vested on the same date[134] - The closing price per share before the grant date for consultants on April 1, 2023, was HKD 2.63[134] - The total number of shares that may be issued under the pre-IPO employee share option plan and post-IPO share award plan for the year ended December 31, 2023, is 40,867,545 shares, representing approximately 0.91% of the total issued shares as of December 31, 2023[137] - EveLab Insight has reserved 20% of its shares for the share award plan, aimed at incentivizing and retaining contributors to the smart hardware business[138] - The maximum number of EveLab Insight shares that can be awarded under the share award plan without further approval is 100,000,000 shares, representing 20% of the total issued shares[144] - As of December 31, 2023, and the latest practicable date, 67,500,000 and 65,000,000 EveLab Insight shares have been awarded or agreed to be awarded, representing approximately 13.5% and 13.0% of the issued share capital of EveLab Insight Cayman, respectively[145] - The EveLab Insight share award plan has a remaining term of approximately seven years[149] - Pixocial Holdings adopted the Pixocial Share Option Plan, reserving 7,642,626 ordinary shares for issuance to eligible employees, directors, and consultants[150] - The total number of share options granted or agreed to be granted under the Pixocial Share Option Plan was 7,082,731 as of December 31, 2023[153] - The remaining share options available for grant under the Pixocial Share Option Plan were 559,895 as of December 31, 2023[153] - The Pixocial Share Option Plan aims to align the interests of eligible participants with those of Pixocial Holdings and its subsidiaries through share ownership, dividends, and share value appreciation[151] - The Pixocial Share Option Plan has a maximum term of ten years from the adoption date, with approximately nine years remaining[156] - The Pixocial Share Option Plan does not impose a specific limit on the maximum number of share options that can be granted to a single eligible participant[156] - Wu Zeyuan holds 574,496,670 ordinary shares, representing 12.83% of the total issued shares[169] - Cai Wensheng holds

智通财经APP获悉，比特币概念股集体走低，截至发稿，美图公司(01357)跌4.95%，报2.88港元；欧科 云链(01499)跌3.7%，报0.26港元；OSL集团(00863)跌3.13%，报9.3港元；蓝港互动(08267)跌1.54%，报 0.64港元。 消息面上，周三早些时候，比特币价格一度暴跌至59900美元，创下3月以来的最低价格；以太币同期也 跌破了3000美元，24小时内跌幅达到2.5%。Glassnode数据显示，比特币已较最新历史高点下跌超过 15%，而一些山寨币则较近期高点回落了40%-50%。 此外，比特币的最近一次减半预计将在4月20日左右进行。Crypto.com交易所负责人表示，随着所谓减 半日期的临近，比特币抛售可能会变得明显，但从长期来看，这一事件将支撑这一最大数字资产的价 格。摩根大通和德意志银行认为，比特币即将进行的每四年一次软件更新"减半"所带来的积极影响已经 基本反映在价格中。 ...

[Table_MainInfo] 公司研究/信息服务/软件 证券研究报告 美图公司（1357）公司年报点评 2024年04月12日 [Table_InvestInfo] 首次覆 业绩高增长定位 AI，战略发展生产力全 投资评级 优于大市 盖 球化 股票数据 0[4Ta月b1le1_日S收to盘ck价I（nf港o元] ） 3.28 [Table_Summary] 投资要点： 52周股价波动（港元） 1.75-3.98 总股本/流通A股（百万股） 4535/4535 总市值/流通市值（百万港元） 14874/14874  定位 AI 公司 2023 年营收净利高增长，分红派息每股 0.036 港元。2023 年 公司总营收26.96亿元（同比+29.3%）；综合毛利率61.4%（同比+4.5pct）； 市[T场ab表le现_R eportInfo] 归母净利3.68亿元（同比+233.2%）。公司是一家AI公司，成立专门为提升 [Table_QuoteInfo] 150% 计算机视觉能力和AI能力的美图影像研究院，公司用户每天处理的数亿份图 100% 片和视频中，约83%都用到泛AI功能，公司2023年6月发布 ...

港股公司报告 | 公司点评 美图公司（01357） 证券研究报告 2024年03月 29日 投资评级 业绩点评：业绩验证转订阅韧性，再出海赋予公司全新增长空间 行业 资讯科技业/软件服务 6个月评级 买入（维持评级） 事件：美图公司发布 2023年业绩，全年实现营业收入 27.0亿元，同比增 当前价格 3.28港元 长 29.3%；归母经调整净利润达约人民币 3.7亿元，同比增长 233.2%。从 目标价格 6.82港元 用户端来看 2023年12月 31日，公司月活跃用户数达到约2.5亿，年同比 升 2.6%；生产力应用用户数达到 1770 万，同比增长 74.3%；付费订阅用 基本数据 户数为911万，同比大幅增长 62.3%。 港股总股本(百万股) 4,534.76 全年业绩验证免费转订阅和业务增长的韧性：23年业绩增长核心贡献主要 港股总市值(百万港元) 14,874.00 系1）生成式AI 技术驱动下，影像产品组合的付费订阅用户渗透率上升 2） 每股净资产(港元) 1.01 更加清晰和积极的全球化战略下全球付费用户数稳步增长。 此前关于公司 资产负债率(%) 28.67 付费率的讨论苦于难以寻找到同 ...

2024年3月19日 公司研究 美学工具领军者，AI 赋能生产力场景 ——美图公司（1357.HK）首次覆盖报告 要点 买入（首次） 美图公司为影像生产和美化领域的综合解决方案服务商。美图产品矩阵布局完 当前价/目标价：3.61/4.42港元 整，聚焦工具属性提供两大核心服务：1）影像类产品覆盖图片、视频、设计， 图片方面核心产品为美图秀秀、美颜相机，视频方面主要包括 Wink 和开拍， 作者 设计方面核心产品为WHEE、美图设计室；2）美业解决方案主要包括美得得和 分析师：付天姿 美图宜肤，目前仍处于前期拓展市场的阶段。公司经历商业模式转型，订阅付 执业证书编号：S0930517040002 费成为营收增长的核心驱动力，盈利能力逐步提升。 021-52523692 影像及设计产品：AI 赋能下 ToB+ToC 业务齐发力，订阅付费率仍有提升空 futz@ebscn.com 间。1）公司在图片编辑赛道持续保持龙头地位，据 QuestMobile 数据，公司 旗下美图秀秀、美颜相机分别蝉联 23 半年度拍摄美化 APP 行业月活跃规模 联系人：杨朋沛 021-52523878 TOP1 和 TOP3；2024 ...