大摩重申美图“买入”评级，指其海外收入增长加速

Core Viewpoint - Morgan Stanley's latest report indicates that Meitu's overseas revenue growth is accelerating, reaffirming a "buy" rating with a target price of HKD 15.7 [1] Group 1: Revenue Growth - According to SensorTower data, Meitu's overseas revenue year-on-year growth rate increased from 28% in September to 39% in October [1] - The report anticipates that the overseas market will gradually become Meitu's primary revenue source, supporting the company's long-term growth [1] Group 2: Market Expansion - Meitu's global expansion began in 2013, capitalizing on the rapid rise of mobile internet and smartphone penetration, as well as the growing demand for image recording and beautification [1] - The company has achieved significant user and technological experience domestically, recognizing the vast potential of overseas markets [1] Group 3: User Engagement - As of June 30, 2025, Meitu's global monthly active users reached 280 million, a year-on-year increase of 8.5%, with 98 million users outside mainland China, reflecting a 15.3% growth [2] - The introduction of the AI Agent product RoboNeo has led to significant rankings, achieving first place in the Chinese and Spanish App Store category charts and the Vietnamese Google Play category chart [2] Group 4: Product Innovation - Meitu's products have been iterated rapidly, adapting to local demands and cultural nuances, resulting in "phenomenal" applications [2] - The AI features, such as "AI dressing" in Thailand, have driven the beauty camera to the top of app store rankings in 12 countries, including Thailand, Vietnam, Japan, Singapore, and Malaysia [2]