浙商证券：美图等决策支持类软件是AI技术受益者

Core Viewpoint - The introduction of AI tools by Anthropic has shifted market sentiment from "AI-enabled" to "AI-consuming," raising concerns for companies like Adobe and Meitu. However, Meitu is positioned as a beneficiary of AI technology, with a "buy" rating and a target price of HKD 11.6 from Zheshang Securities [1]. Group 1: Product Positioning and Market Dynamics - Meitu's products are categorized as decision support software, focusing on subjective aesthetic expression, which differentiates them from simple process optimization tools that are more susceptible to being replaced by AI agents [1]. - The existing customer base of Meitu is not aligned with "one-click AI photo editing" products, as their core demand is for tools that allow for subjective aesthetic expression, indicating a strong competitive edge in this niche [2]. Group 2: User Retention and Competitive Advantage - Meitu's core advantages lie in its extensive material library and familiar workflow interface, which help retain sticky users despite the emergence of AI-generated photo editing products [3]. - New product features and categories are expected to attract new customers, leveraging first-mover advantages, as evidenced by the success of the video editing tool Wink, which has over 30 million global monthly active users [3]. Group 3: Growth Potential and Financial Outlook - The report suggests that while AI capabilities may alter the interaction forms of Meitu's products, they will not undermine the company's long-term competitive moat, which includes a deep aesthetic understanding, a large and stable user base, and a unique workflow paradigm [3]. - Meitu's overseas monthly active users (MAU) and paid penetration rates are on the rise, with higher subscription prices and willingness to pay among B-end users, indicating potential for increased average revenue per paying user (ARPPU) and sustained revenue growth [3].