Investment Rating - The report maintains a "Buy" rating for the company [5] Core Insights - The company leverages AI to enhance product capabilities, leading to significant user growth and subscription increases across its product offerings [1][3] - The company has seen a substantial rise in its paid subscription user base, reaching 12.61 million by December 2024, with a year-on-year net increase of 3.5 million users [3] - Revenue projections for the company have been slightly revised upwards, with adjusted net profit forecasts for 2025 and 2026 increased to 846 million and 1.14 billion RMB respectively [4] Summary by Sections Product Performance - The company's video editing product Wink ranked 15th in the top 50 AI products in China, achieving a global monthly active user count of approximately 30 million by December 2024 [1] - The Meitu Design Studio saw a 42.53% year-on-year increase in web traffic, ranking third in domestic growth and sixth globally, with subscription users reaching 1.13 million and revenue doubling to approximately 200 million RMB in 2024 [2] - The AI visual creation tool WHEE led the AI image processing sector, with a compound weekly active user growth rate of 26.01% in Q1 2025 [2] Subscription Growth - The company’s subscription penetration rate reached 4.7% by December 2024, with expectations of exceeding 300,000 net new subscribers in Q1 2025 [3] - Traditional features within products have been enhanced with generative AI, driving user acquisition through popular functionalities [3] Financial Projections - The company’s revenue is projected to grow from 2.696 billion RMB in 2023 to 5.616 billion RMB by 2027, with a compound annual growth rate of 29.3% in 2023 and 12.7% by 2027 [9] - Adjusted net profit is expected to increase significantly, with a forecast of 368 million RMB in 2023 rising to 1.423 billion RMB by 2027 [9]
美图公司（01357）：产品更新点评：AI提升产品力，精细化运营促进用户付费