Core Viewpoint - Meitu Inc. (01357) is projected to achieve a Non-IFRS adjusted profit growth of 60% to 66% year-on-year for 2025, aligning with market consensus, and is rated "Buy" by Jefferies with a target price of HKD 12.5 for H-shares [1] Group 1: Financial Performance - The forecasted growth is primarily driven by significant increases in global paid user numbers for core businesses such as photo, video, and design products [1] - Revenue growth is expected to be accelerated by the faster growth rate of overseas users compared to the Chinese market [1] - Gross profit is anticipated to grow at a rate faster than operating expenses, leading to operational leverage effects [1] Group 2: Market Potential - Jefferies expects Meitu to capitalize on the long-term potential of AIGC productivity tools [1]

杰富瑞发表研报指，美图发布2025年财务表现预告，指引归属于股东之Non-IFRS经调整利润将录得60% 至66%按年增长，此预测中位数与市场共识相符。该行指，上述预测增长主要受核心业务如相片、影片 及设计产品业务因全球付费用户数显著增长而带动营收快速增长、海外用户增长速度超中国市场、毛利 增长速度快于营运费用增长速度，进而导致营运杠杆效应。该行予美图"买入"评级，H股目标价为12.5 港元，预期其将能把握AI GC生产力工具的长期潜力。 ...