Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Viewpoints - The company aims to become the largest provider of imaging and video productivity software and subscription services globally, focusing on its subscription business with rapid improvement in payment rates [4] - The MiracleVision model has been upgraded to V5, enhancing creative design workflows and enabling commercial applications [3][4] - As of June 11, 2024, the company has reached a historical high of 10.63 million global VIP members, with a paid penetration rate of 4.27%, up from 3.7% at the end of 2023 [3] Financial Performance Summary - The company is projected to achieve revenue of 34.24 billion, 43.29 billion, and 54.47 billion RMB for the years 2024, 2025, and 2026 respectively, with corresponding net profits of 5.09 billion, 6.86 billion, and 9.09 billion RMB [4] - Revenue growth rates are expected to be 27.03%, 26.41%, and 25.84% for the years 2024, 2025, and 2026 respectively [5] - The company's earnings per share (EPS) is projected to increase from 0.11 RMB in 2024 to 0.20 RMB in 2026 [5]
美图公司：AI重塑创意工作流，VIP会员创历史新高