Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a total revenue of 3.34 billion HKD for 2024, representing a year-on-year growth of 23.9%. The adjusted net profit attributable to shareholders was 586 million HKD, a 59.2% increase year-on-year, marking six consecutive years of positive net profit growth since 2019. The gross margin reached 68.7%, up by 7.3 percentage points year-on-year [4][5] - The company is accelerating its global expansion, with global monthly active users reaching 266 million, a 6.7% year-on-year increase, of which overseas users accounted for 94.51 million (35.6%), growing by 21.7% year-on-year. The "AI Dressing" feature significantly contributed to the addition of over 20 million overseas users [5][6] - The company has seen a significant increase in paid subscription users, reaching approximately 12.61 million, a historical high with a year-on-year growth of 38.4%. The subscription penetration rate is about 4.7% [6][7] Financial Performance - For 2025-2027, the company expects revenues of 4.11 billion HKD, 4.99 billion HKD, and 5.90 billion HKD, with year-on-year growth rates of 22.9%, 21.4%, and 18.3% respectively. The NON-IFRS net profit is projected to be 903.996 million HKD, 1.195 billion HKD, and 1.474 billion HKD, with growth rates of 54.2%, 32.2%, and 23.3% respectively [7][10]
美图公司（01357）：2024业绩点评：AI带动付费用户增长，全球化布局加速