Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved a total revenue of 3.34 billion RMB in 2024, representing a year-on-year growth of 23.94%, and an adjusted net profit of 586.17 million RMB, up 59.16% year-on-year, which is at the upper limit of the previously forecasted range [7] - The imaging and design products continue to show rapid growth, with revenue from this segment reaching 2.09 billion RMB, a year-on-year increase of 57.12%, accounting for 62.43% of total revenue [7] - The company is leveraging AI to enhance product capabilities, resulting in a steady increase in paid user penetration, with a total of 12.61 million paid users and a penetration rate of 4.74%, up 1.09 percentage points year-on-year [7] - The company's productivity and globalization strategies are showing breakthroughs, with MAU outside mainland China reaching 94.51 million, a year-on-year increase of 21.66% [7] - The report projects adjusted net profits for 2025-2027 to be 914.27 million RMB, 1.20 billion RMB, and 1.56 billion RMB respectively, with corresponding PE ratios of 29, 22, and 17 times based on the current stock price [7] Financial Summary - Total revenue for 2024 is projected at 3.34 billion RMB, with a growth rate of 23.93% for 2025 and 21.96% for 2026 [8] - The adjusted net profit is expected to grow significantly, with projections of 914.27 million RMB for 2025 and 1.20 billion RMB for 2026 [8] - The company’s gross margin improved to 68.67%, an increase of 7.25 percentage points year-on-year, driven by high-margin product revenue growth [7]
美图公司（01357）：2024年业绩报点评：业绩落于预告上限，生产力及全球化战略加速