Investment Rating - The report maintains a "Buy" rating for Meitu Inc. (1357.HK) with a target price of HKD 4.42, while the current price is HKD 2.78 [3]. Core Insights - Meitu has launched six new AI-driven products at its third imaging festival, focusing on various applications in commercial photography, video production, e-commerce design, and more. The company is recognized for its deep investment in AI technology and has achieved significant user growth, with VIP membership reaching a record high of 10.63 million, a 49% year-over-year increase [2]. - The report highlights that 87% of paid users utilize AI features across Meitu's product suite, with 41% using generative AI. The company's gross profit margin reached 61% in 2023, with an adjusted net profit of RMB 370 million, reflecting a 233% year-over-year growth [2]. Summary by Sections Revenue Performance - Meitu's revenue for 2022 was RMB 2,085 million, with a growth rate of 25.2%. The projected revenue for 2024 is RMB 3,688 million, representing a growth rate of 36.8% [8]. - The adjusted net profit for 2023 is projected at RMB 368 million, with a significant increase of 233.2% compared to the previous year [8]. Product Launches - The six new products include: 1. Meitu Cloud Repair V2: AI batch color correction and enhancement with a 10x speed increase. 2. Kaipai V2: A complete AI workflow for self-media. 3. Meitu Design Studio V3: Features for efficient e-commerce design. 4. Zcool Design Service: Efficient matching and communication for designers. 5. QIMI: An AI platform for game advertising. 6. MOKI: A comprehensive AI short film creation tool, expected to launch on July 31 [2][7]. Financial Forecast - The adjusted net profit forecast for 2024 is revised to RMB 550 million, a 7% decrease from the previous estimate, while maintaining projections of RMB 800 million and RMB 980 million for 2025 and 2026, respectively [2][8].
美图公司：第三届影像节点评：美图发布6款新品，付费用户数稳健提升