Investment Rating - The report assigns a "Buy" rating for the company, Meitu Inc. [5] Core Insights - Meitu is positioned as a leader in the visual economy, leveraging AI to accelerate commercialization. The company focuses on image and design products, with a strong emphasis on AI-driven productivity and global expansion. The projected revenue for 2025-2027 is estimated at 41.4 billion, 49.9 billion, and 58.2 billion CNY, respectively, with corresponding year-on-year growth rates of 23.8%, 20.6%, and 16.6% [5][6][15]. Summary by Sections Company Overview - Meitu Inc. was founded in 2008 and listed on the Hong Kong Stock Exchange in December 2016. The company aims to merge art and technology, providing innovative image and design products while promoting digital upgrades in the beauty industry. The main business segments include image and design products, beauty solutions, and advertising services, covering both B2B and B2C markets [15][17]. Industry Analysis - The domestic image beautification market is experiencing stable growth in C-end user scale, with increasing willingness to pay. The B-end market is rapidly expanding, driven by AI that lowers creative barriers and enhances efficiency. The overall market size for image digitization in China is projected to approach 160 billion CNY by 2025, with significant growth in various application scenarios [30][32]. Competitive Advantages - Meitu has built a core advantage through a combination of user base, application scenarios, and technology. The company has a large user base, with MAU reaching 266 million as of December 2024, showing a year-on-year growth of 6.7%. The company is transitioning from a tool-based application to a comprehensive image ecosystem, focusing on vertical scenarios and enhancing product richness and usability [46][49]. Financial Projections - The financial outlook for Meitu indicates substantial growth, with expected revenues of 41.4 billion CNY in 2025, 49.9 billion CNY in 2026, and 58.2 billion CNY in 2027. Adjusted net profits are projected to be 8.5 billion CNY, 11.4 billion CNY, and 14.6 billion CNY for the same years, reflecting year-on-year growth rates of 44.7%, 33.9%, and 27.9% respectively [5][6][14]. Global Expansion Strategy - Meitu is actively pursuing a global expansion strategy, with a focus on increasing its user base outside of China. As of December 2024, MAU in markets outside of mainland China reached 94.51 million, a year-on-year increase of 21.7%. The company aims to leverage AI capabilities to enhance product offerings and meet diverse local needs [63][64].
美图公司：港股公司首次覆盖报告：视觉经济领跑者，AIGC驱动商业化加速-20250610