Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 4.95, up from the previous target of HKD 4.56 [6][11]. Core Insights - DeepSeek (DS) has achieved significant breakthroughs in computing cost savings and open-source technology, which are favorable for AI applications in the company. This includes a major reduction in capital expenditure requirements and the promotion of technological equality [1][2][3]. - The competitive landscape for AI applications is shifting from reliance on algorithms and computing power to product capabilities, which may enhance the company's advantages in product, workflow, and aesthetics [4]. - The company has established a solid commercial ecosystem for its AI applications, with a paid user rate exceeding 6% for its flagship product, Meitu Design Studio [4]. Summary by Sections Investment Rating - The company is rated "Buy" with a target price of HKD 4.95 [6][11]. Financial Forecasts - The revenue forecast for the company shows a growth trajectory from RMB 2,085 million in 2022 to RMB 5,772 million by 2026, reflecting a compound annual growth rate (CAGR) of approximately 22.51% [5][18]. - The net profit attributable to the parent company is projected to increase from RMB 94.13 million in 2022 to RMB 1,115 million in 2026, indicating a significant recovery and growth [5][18]. - The earnings per share (EPS) is expected to rise from RMB 0.02 in 2022 to RMB 0.25 in 2026 [5][18]. Valuation - The report adjusts the valuation to a 2025 price-to-earnings (PE) ratio of 25 times, reflecting the company's entry into a high-growth phase driven by AI capabilities [5][11]. - The estimated adjusted net profit for 2025 is RMB 865 million, leading to a target market capitalization of HKD 225 billion [11][12]. Competitive Landscape - The advancements in DS's low-cost open-source models are expected to benefit the development of AI applications, breaking the technological monopoly of closed-source companies like OpenAI [2][3]. - The company is actively collaborating with domestic large models to leverage its product strengths and seize new industry opportunities [4].
美图公司：DeepSeek推进技术平权，赋能AI图像应用深耕细作