Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 7.49 [7][8]. Core Insights - The company reported a revenue of HKD 1.72 billion for 2H24, representing a year-over-year increase of 19.8%, although this was 6% below consensus expectations due to adjustments in its beauty business. However, the core imaging business exceeded expectations by 7% [1]. - The adjusted net profit attributable to the parent company for 2H24 was HKD 310 million, surpassing expectations by 11%, and the full-year adjusted net profit reached HKD 590 million, hitting the upper limit of the performance guidance [1]. - The company is focusing on high-margin imaging products and strategically adjusting its beauty business, leading to an increase in gross margin by 7.5 percentage points in 2H24 [2]. - The company is leveraging AI technology to enhance productivity and drive global expansion, which is expected to unlock significant long-term growth potential [1][3]. Summary by Sections Revenue and Profitability - The core imaging and design product business achieved a revenue of HKD 2.09 billion in 2024, a year-over-year increase of 57.1%, driven by user growth and increased paid penetration [2]. - The global Monthly Active Users (MAU) reached 266 million by the end of 2024, exceeding the expected 260 million, with paid subscription users numbering 12.61 million, surpassing the guidance of 12.34 million [2]. AI and Globalization - The company is accelerating the commercialization of AI-driven productivity applications, with its product "Meitu Design Studio" generating nearly HKD 200 million in revenue, and the "Kaipai" app achieving a subscription penetration rate of 12.8% in its first year [3]. - The overseas market MAU grew by 21.7% in 2024, with the company’s products frequently topping app charts in various countries. The overseas market revenue increased by 42% year-over-year, accounting for 32% of total revenue [4]. Financial Forecast and Valuation - The company forecasts revenues of HKD 4.3 billion, HKD 5.4 billion, and HKD 6.8 billion for 2025, 2026, and 2027 respectively, with adjusted net profits of HKD 900 million, HKD 1.21 billion, and HKD 1.59 billion for the same years [5][12]. - The report suggests a valuation premium due to the company's unique position in AI commercialization, leading to a revised 2025 PE ratio of 35x, with a target price of HKD 7.49 [5][12].
美图公司（01357）：收入结构变化利润率加速上行