Investment Rating - The investment rating for the company is "Outperform the Market" [2][8] Core Insights - The company is positioned as an AI company, achieving significant revenue and profit growth in 2023, with total revenue of HKD 2.696 billion (up 29.3% year-on-year) and a net profit of HKD 368 million (up 233.2% year-on-year) [5][8] - The company's imaging and design products are the largest revenue and profit contributors, with revenue of HKD 1.327 billion (up 52.8% year-on-year), accounting for 49.2% of total revenue [5][9] - The company has a clear and proactive globalization strategy, with over 30% of users and paid subscribers coming from regions outside mainland China, contributing to over 50% of imaging revenue [5][6] Financial Performance - The company reported a gross margin of 61.4% in 2023, an increase of 4.5 percentage points year-on-year [5][7] - The company expects revenue growth to continue, with projected revenues of HKD 3.565 billion, HKD 4.556 billion, and HKD 5.578 billion for 2024, 2025, and 2026, respectively, representing year-on-year growth rates of 32.2%, 27.8%, and 22.4% [8][9] - The net profit is projected to reach HKD 597 million, HKD 861 million, and HKD 1.123 billion for the same years, with year-on-year growth rates of 57.9%, 44.1%, and 30.5% [8][11] Business Segments - The imaging and design products segment is expected to maintain strong growth, with revenue projected to reach HKD 1.984 billion in 2024, up 49.5% year-on-year [9] - The beauty industry solutions segment is also expected to grow, with projected revenue of HKD 739.91 million in 2024, reflecting a growth rate of 30% [9] - The advertising business is anticipated to grow steadily, with projected revenue of HKD 800.52 million in 2024, representing a growth rate of 5.5% [9][10]
业绩高增长定位AI，战略发展生产力全球化