Investment Rating - The report initiates coverage with a "Buy" rating for Meitu Inc. [2][7] Core Insights - Meitu Inc. is a leading player in the domestic imaging tools market, evolving through cycles with a focus on AI and aesthetics. The company has transitioned to a more concentrated business model following a management change and divestment from cryptocurrency, emphasizing core imaging and design products [6][9]. - The introduction of Generative AI (GenAI) has significantly enhanced the company's product capabilities, expanding both consumer (toC) and business (toB) offerings [6][8]. - The report anticipates substantial growth in adjusted net profit from 2025 to 2027, projecting figures of 851 million, 1,163 million, and 1,509 million CNY respectively, with year-on-year growth rates of 45%, 37%, and 30% [6][7]. Summary by Sections 1. Domestic Imaging Tools Leadership - Meitu Inc. has established a diverse ecosystem starting from its flagship product, Meitu Xiuxiu, and has developed various imaging tools and design products over the years [6][18]. - The company has a strong technical foundation and user insight, having invested heavily in R&D since its inception [6][25]. 2. Consumer (toC) Consumption Attributes - The consumer segment is driven by self-enhancement and social sharing needs, with a significant user base among young females, particularly those born in the 1990s and 2000s [6][49]. - The report suggests that the long-term payment rate in the domestic toC market has substantial room for growth, potentially doubling [6][8]. 3. Business (toB) Productivity Scene - Meitu's toB products, such as Meitu Design Studio, leverage AI to reduce costs for e-commerce businesses, alleviating competitive pressures in the market [6][8]. - A strategic partnership with Alibaba is expected to enhance the promotion of Meitu's AI tools on e-commerce platforms [6][8]. 4. International Expansion Efforts - The company has increased its investment in overseas markets, establishing offices and hiring staff in various regions, which has led to a resurgence in monthly active users (MAU) [6][8]. - Successful AI features like "AI Hairstyle" and "AI Outfit Change" have contributed to user growth in international markets [6][8]. 5. Financial Forecast and Valuation - The report projects revenue growth for Meitu's imaging and design products at 42%, 29%, and 21% from 2025 to 2027, respectively [8][9]. - A target market capitalization of 46.6 billion HKD is set, reflecting a 33% upside potential from the closing price on June 19, 2025 [7][8].
美图公司（01357）：AI与美学交融，国内影像领军新成长（genAI系列之60）