Core Viewpoint - Meitu has decided not to hold the Meitu Image Festival this year, focusing instead on product research and development, with plans to launch an AI Agent tailored for imaging soon [1] Financial Performance and Outlook - In 2024, Meitu's total revenue is projected to reach 3.341 billion yuan, representing a year-on-year growth of 23.9%, driven by AI technology enhancing subscription products and advertising [1] - Gross profit is expected to increase by 38.5% to 2.294 billion yuan, with a gross margin rising to 68.7% from 61.4% in the previous year [1] - Net profit is anticipated to surge by 120.0% to 806 million yuan, with adjusted net profit growing by 59.2% to 586 million yuan, attributed to a higher proportion of high-margin imaging and design products [1] Business Segments - Imaging and Design Products: Revenue is expected to grow by 57.1% to 2.086 billion yuan in 2024, with paid subscription users increasing by 38.4% to 12.61 million and a subscription penetration rate of 4.7% [2] - Advertising Business: Revenue is projected to grow by 12.5% to 853 million yuan in 2024, with programmatic advertising revenue increasing by 35% due to upgrades in bidding systems and improved ad quality [3] - Beauty Industry Solutions: Revenue is expected to decline by 32.4% to 385 million yuan in 2024, with cautious growth expectations for this non-core segment [3] International Expansion and AI Capabilities - By the end of 2024, the monthly active users (MAU) outside mainland China are expected to grow by 22% to 94.51 million, accounting for 36% of total MAU, with international revenue growth outpacing domestic [3] - New AI features have gained significant traction in various international markets, leading to top rankings in app stores across multiple countries [3] Strategic Partnerships - In May 2025, Meitu signed a $250 million convertible bond agreement with Alibaba, focusing on strategic cooperation in e-commerce, AI technology, and cloud computing [4] - The partnership aims to enhance Meitu's AI e-commerce tools and improve merchant marketing and operational efficiency, with Alibaba providing computational and technical support [4] Investment Recommendations - Meitu is viewed as a unique company with global reach and sustainable profitability in AI applications, with projected revenues of 4.5 billion, 5.5 billion, and 6.7 billion yuan for 2025-2027, reflecting year-on-year growth rates of 34%, 23%, and 21% respectively [5] - The adjusted net profit forecasts for the same period are 880 million, 1.25 billion, and 1.56 billion yuan, with growth rates of 50%, 43%, and 24% respectively [5]
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