大行评级｜大摩：上调美图目标价至15.7港元 看好公司的长期增长潜力

Core Viewpoint - Morgan Stanley expresses optimism about Meitu's long-term growth potential, reaffirming an "Overweight" rating and raising the target price from HKD 14.4 to HKD 15.7, reflecting an expected dynamic P/E ratio of 1.6 times for next year, based on management's upward revision of the 2025 net profit guidance by approximately 11% [1] Group 1 - The company aims to increase the total paid user ratio to 8-10% from 2025 to 2028, indicating a potential doubling of subscription revenue compared to 4.7% in 2024 [1] - Meitu is rebuilding its overseas lifestyle product line to target the US and EU markets, with the current paid user ratio for lifestyle products in the US market reaching about 50% [1]