Group 1 - Morgan Stanley raised the target price for Meitu to HKD 6, with over 20 brokerage firms adjusting their target prices to around HKD 6-7, reflecting a 32-35 times PE for 2025 [1] - The maturity of Meitu's product matrix and business model, along with the promising prospects for productivity tools overseas, contribute to the positive outlook from institutions [1][2] - Meitu has conducted over 20 AI feature updates for its main lifestyle products in 2023, integrating AI technology with basic imaging functions to enhance user engagement and increase paid user rates [1][2] Group 2 - Goldman Sachs noted Meitu's expansion from lifestyle products to productivity tools, with a growing number of global paid subscribers expected to reach 12.61 million in 2024, resulting in a 4.7% penetration rate [2] - Huatai Securities highlighted that the overseas image market is approximately seven times larger than that of China, indicating significant potential for Meitu's international growth [2] - CICC projected that Meitu's subscription revenue will grow by over 40% year-on-year by 2025, driven by increased paid penetration and user growth [3]