Group 1 - The core viewpoint of the report is that Meitu Inc. (01357) has demonstrated effective cost control, leading to an upward revision of the adjusted net profit forecasts for 2025 and 2026 by 11% and 10%, respectively, to 900 million and 1.2 billion RMB [1] - The report indicates that Meitu's revenue for the first half of the year increased by 12.3% year-on-year to 1.82 billion RMB, while the adjusted net profit surged by 71.3% year-on-year to 470 million RMB, primarily due to a higher proportion of high-margin subscription services [1] - Meitu has historically distributed dividends at 40% of the adjusted net profit on an annual basis, but it will now maintain this payout ratio while changing to semi-annual and annual distributions, pending approval from a special shareholders' meeting [1] Group 2 - The target price for Meitu has been raised by 50% to 10.8 HKD, which corresponds to a projected adjusted price-to-earnings ratio of 36 times for the next year [1]
中金：升美图公司目标价至10.8港元 维持“跑赢行业”评级