Group 1 - The core viewpoint of the article indicates that Meitu's revenue increased by 12.3% year-on-year to 1.82 billion yuan in the first half of the year, as the company actively shrank its cosmetics supply chain business to focus on its core imaging sector [1] - Adjusted net profit rose by 71.3% year-on-year to 470 million yuan, primarily due to the increased proportion of high-margin subscription services [1] - The company plans to maintain its dividend payout ratio of 40% of adjusted net profit, but will change the distribution to semi-annual and annual payments, pending approval from a special shareholders' meeting [1] Group 2 - Due to effective cost control, the firm has raised its adjusted net profit forecasts for 2025 and 2026 by 11% and 10%, respectively, to 900 million yuan and 1.2 billion yuan [1] - The rating is maintained at "outperforming the industry," with a target price increase of 50% to 10.8 HKD, which corresponds to a projected adjusted price-to-earnings ratio of 36 times for the next year [1]
研报掘金｜中金：上调美图目标价至10.8港元 维持“跑赢行业”评级
Ge Long Hui A P P·2025-08-20 05:41