Investment Rating - The report assigns an "Accumulate" rating to Meitu, with a target price of HKD 6.96 based on a projected PE of 37X for 2025 [5][7]. Core Insights - Meitu focuses on enhancing its image and design products through AI technology, which drives membership subscription conversion and improves user experience, retention, and willingness to pay [1][2]. - The company is expanding its B-end applications, with a notable increase in productivity product users and subscription penetration rates, indicating a strong growth trajectory [2][3]. - Meitu's global user base is growing, with significant contributions from overseas markets, and its advertising business is also on the rise due to increased user engagement [3][7]. Summary by Sections Strategic Focus on Image and Design Products - Meitu has refocused on its core image and design applications, leveraging AI to enhance product capabilities and user engagement, leading to a significant increase in active users and subscription rates [1][16]. - The flagship product, Meitu Xiuxiu, remains a leader in the market, with a strong daily active user (DAU) base and a comprehensive suite of features [1][58]. Expansion into Productivity Scenarios - The number of productivity product users has increased, with a 8.7% quarter-on-quarter growth in the first half of 2024, reaching 19.2 million users, which now accounts for 7.5% of total users [2][61]. - The Meitu Design Studio has seen a revenue growth of over 152%, indicating strong monetization potential in the B-end market [2][3]. Global User Growth and Revenue Streams - Domestic monthly active users (MAU) are stabilizing at over 170 million, while overseas users exceed 30%, contributing nearly 50% of revenue from image and design products [3][7]. - The advertising business has experienced a 129% revenue growth in regions outside mainland China, supported by an increase in overall MAU and the introduction of new products [3][7]. Financial Projections - The report forecasts Meitu's net profit to grow significantly from 378.29 million in 2023 to 925.38 million by 2026, with corresponding EPS increasing from 0.09 to 0.20 [8][7]. - Revenue is expected to rise from 2.70 billion in 2023 to 4.86 billion by 2026, reflecting a compound annual growth rate (CAGR) of approximately 29.3% [8][7].
美图公司—AI赋能全球化产品力，B端突围拓展应用场景