Investment Rating - The report maintains a "Buy" rating for the company [5]. Core Insights - The company is expected to achieve a significant increase in adjusted net profit of approximately 52-60% year-on-year for 2024, translating to about 560-589 million RMB, driven by rapid growth in revenue from AI-driven imaging and design products [1]. - The company's AI applications are enhancing product capabilities and driving user engagement, with 41% of monthly active users utilizing generative AI features in July 2024 [3]. - The company has sold all its cryptocurrency holdings, realizing a profit of approximately 79.63 million USD (about 571 million RMB), with plans to distribute around 80% of the net proceeds as special dividends [3]. Financial Performance and Forecast - Revenue is projected to grow from 2,085 million RMB in 2022 to 5,572 million RMB by 2026, with a compound annual growth rate (CAGR) of 25.2% to 21.4% over the forecast period [4]. - Adjusted net profit is expected to increase from 111 million RMB in 2022 to 1,109 million RMB by 2026, reflecting a substantial growth trajectory [4]. - The adjusted earnings per share (EPS) is forecasted to rise from 0.02 RMB in 2022 to 0.24 RMB in 2026, indicating improved profitability [4]. AI Product Development - The company launched its MiracleVision AI model in June 2023, which has undergone continuous updates, including enhancements in video generation capabilities [2]. - The company is leveraging partnerships with third-party AI models to enhance its product offerings, indicating a strategic approach to AI development [2]. Market Position - The company ranks third in the online design sector in China with its native AI product, Meitu Design Studio, which is expected to double its revenue to over 200 million RMB in 2024 [3]. - The report highlights the company's potential to capture market share in both lifestyle and productivity application segments as the AIGC (AI Generated Content) market is still in its early stages in China [3].
美图公司：盈喜公告点评：24年利润维持高增，AI应用产品力有望进一步提升