Investment Rating - The report maintains a "Buy" rating for the company with a target price of 4.42 HKD, while the current price is 2.78 HKD [3]. Core Views - The company is leveraging AI technology to drive user growth and profitability, achieving a record high of 10.63 million global VIP members, a 49% year-over-year increase [3]. - The introduction of six new products is expected to meet increasing demand in various sectors, including commercial photography and e-commerce design [2][3]. - The company has shown significant financial growth, with adjusted net profit reaching 370 million RMB in 2023, a 233% year-over-year increase [3]. Financial Performance Summary - Revenue projections indicate a growth trajectory from 3,688 million RMB in 2022 to an estimated 5,251 million RMB in 2026, with a compound annual growth rate (CAGR) of approximately 15.5% [8]. - Adjusted net profit is forecasted to grow from 549 million RMB in 2024 to 979 million RMB in 2026, reflecting a strong recovery and growth potential [8]. - The adjusted earnings per share (EPS) is expected to increase from 0.22 RMB in 2024 to 0.08 RMB in 2026, indicating improving profitability [8]. Product Development and Market Position - The company has maintained a market share of around 50% in the image editing sector, leading the market since 2020 [3]. - The new AI-driven products, such as Meitu Cloud Repair V2 and MOKI, are designed to enhance user experience and operational efficiency in various creative fields [3][7]. - The company is focusing on expanding its user base in the e-commerce sector, with plans to provide free trials and guidance for small businesses [3].
美图公司：美图发布6款新品，付费用户数稳健提升