Core Viewpoint - Guojin Securities has initiated a "Buy" rating for Meitu with a target price of HKD 11.73, believing that the company has significant long-term growth potential despite concerns over AI general models overshadowing its narrative [2]. Group 1: Market Concerns and Company Response - The release of Google's Gemini 3 and Nano Banana Pro has raised market fears that AI general models may disrupt the positioning and business models of application vendors like Meitu [2]. - Meitu's management has expressed confidence in their ability to leverage vertical scenarios and user experience, asserting that they possess advantages over general model companies [2]. - Meitu's founder, Wu Xinhong, stated that their products will continue to evolve alongside large models, emphasizing that general models may not meet end-to-end needs in vertical scenarios like e-commerce design [2]. Group 2: Misconceptions About Meitu Products - The report identifies four major misconceptions about Meitu products: 1. Tolerance Rate Misconception: Meitu's expertise in portrait scenarios creates a barrier due to low tolerance for human facial features and expressions [3]. 2. Aesthetic Efficiency Misconception: Automatic and one-click editing cannot replace the creative value of third-party apps in self-pleasure aesthetic activities [3]. 3. Natural Language Interaction Misconception: Fine adjustments in beauty apps are more efficiently completed through functional buttons rather than natural language [3]. 4. Point Function Misconception: Meitu's products function as a comprehensive toolbox, integrating various features to meet diverse user needs [3]. Group 3: Growth Potential - Meitu's products, including Meitu Xiuxiu, Meiyan Camera, and RoboNeo, are expanding their reach across lifestyle and productivity tools [3]. - The combination of international expansion and productivity tools is expected to initiate a second growth curve for Meitu, enhancing ARPU through AI value-added features and changes in MAU structure [3]. - The company aims to increase the payment rate for tool-based apps to over 10% by leveraging their functional depth and social attributes [3].
难被通用模型颠覆 美图被机构给予“买入”评级