摩根士丹利：美团_初始反馈与抵制

Investment Rating - The investment rating for Meitu Inc is Overweight [5][19]. Core Viewpoints - Meitu's subscription-based business model, enhanced by AI, is viewed as undervalued, with significant appreciation from offshore investors [2]. - Concerns were raised regarding corporate governance, long-term sustainability, and competition, particularly from Bytedance [3][4]. - Meitu's fast-growing subscription revenue and improving margins have impressed investors, leading to a consensus that its valuation is low relative to profit outlook [2][4]. Financial Metrics Summary - Price target set at HK$4.50, representing a 29% upside from the current price of HK$3.49 [5]. - Projected revenue growth from Rmb2,696 million in FY23 to Rmb4,675 million by FY26, with a corresponding increase in EBITDA from Rmb342 million to Rmb1,027 million [5]. - Expected EPS growth from Rmb0.09 in FY23 to Rmb0.22 in FY26, with a P/E ratio decreasing from 38.6 to 14.3 over the same period [5].