针对市场关注的美图是否会被大模型取代，报告分析认为，工具类软件可分为流程优化类和决策支持类，前者的价值更多 在于辅助工作流中各环节的实现，后者的价值更多在于辅助用户创作及决策的表达。大模型厂商推出的AI Agent，更多与前者 形成直接竞争，更容易取代的是聚焦单一环节的工具软件。而美图产品服务于用户主观审美，属于决策支持类软件，以服务用 户主观判断为核心，其通过对AI能力的整合可进一步提升其功能效果。 此外，从用户需求角度来看，美图现有客户群体天然不是类"AI一键修图"产品的受众，公司稳定付费用户的核心需求为创 作具有主观审美表达的照片，其核心竞争力在于提供了审美表达创作平台。这一结论亦有数据作为佐证，一方面，智能手机自 带修图功能逐渐丰富乃至融入AI功能，美图生活场景的MAU自2021年以来依然维持上升趋势；另一方面，美图产品也提供免 费美颜功能，但付费用户数仍持续提升，说明用户愿意为更具个性化的主观审美表达工具付费。 本报讯 （记者李豪悦）近期，美国大模型公司Anthropic推出的AI工具，引发市场对于软件行业叙事由"被AI赋能"到"被AI 吞噬"的担忧，进一步波及Adobe、美图等AI应用公司。浙商证 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 针对市场关注的美图是否会被大模型取代，报告分析认为，工具类软件可分为流程优化类和决策支持 类，前者的价值更多在于辅助工作流中各环节的实现，后者的价值更多在于辅助用户创作及决策的表 达。大模型厂商推出的AI Agent，更多与前者形成直接竞争，更容易取代的是聚焦单一环节的工具软 件。而美图产品服务于用户主观审美，属于决策支持类软件，以服务用户主观判断为核心，其通过对 AI能力的整合可进一步提升其功能效果。 此外，从用户需求角度来看，美图现有客户群体天然不是类"AI一键修图"产品的受众，公司稳定付费用 户的核心需求为创作具有主观审美表达的照片，其核心竞争力在于提供了审美表达创作平台。这一结论 亦有数据作为佐证，一方面，智能手机自带修图功能逐渐丰富乃至融入AI功能，美图生活场景的MAU 自2021年来依然维持上升趋势；另一方面，美图产品也提供免费美颜功能，但付费用户数仍持续提升， 说明用户愿意为更具个性化的主观审美表达工具付费。 市场对美图的另一层担忧，来源于模型大厂衍生的AI生图或修图产品是否会分流美图的用户群体。报 告指出，对于粘性用户来 ...

Core Viewpoint - The report from Dongfang Securities projects Meitu Inc. (01357) to achieve adjusted net profits of 0.943 billion, 1.234 billion, and 1.593 billion CNY for the years 2025 to 2027, with a target price of 13.25 HKD per share and a "buy" rating [1] Group 1: Financial Projections - Expected adjusted net profits for Meitu are 0.943 billion CNY in 2025, 1.234 billion CNY in 2026, and 1.593 billion CNY in 2027 [1] - Target price set at 13.25 HKD per share [1] Group 2: Market Dynamics - The image editing sector benefits from significant advancements in diffusion models for generative tasks, providing foundational support for product innovation [1] - Meitu's accumulation of technical and aesthetic data positions the company to capitalize on technological dividends [1] Group 3: Product Development - The company is accelerating product version iterations and introducing new features, with a notable increase in AI functionality [1] - The domestic market is characterized by stable competition, while overseas markets contribute significantly to user growth [1] Group 4: Competitive Landscape - In the domestic market, Meitu and Byte (Xingtu) are the core players, with intense competition having stabilized [1] - Meitu's domestic monthly active users (MAU) remain stable at 170 to 180 million, with user growth primarily driven by overseas markets [1] Group 5: AI and Monetization Potential - The company is optimistic about AI driving accelerated paid penetration of its products, as AI features enhance product effectiveness [2] - Current paid feature penetration for Meitu's products is relatively low compared to competitors, indicating significant room for growth [2] - The paid penetration rate for tool-based products is around 10%, while content-based products range from 20% to 30% [2]

Core Viewpoint - The report from Dongfang Securities projects Meitu's adjusted net profit for 2025-2027 to be 0.943 billion, 1.234 billion, and 1.593 billion CNY respectively, with a target price of 13.25 HKD per share and a "Buy" rating [1] Group 1: Financial Projections - Meitu's adjusted net profit is expected to grow significantly, reaching 0.943 billion CNY in 2025, 1.234 billion CNY in 2026, and 1.593 billion CNY in 2027 [1] - The target price set for Meitu is 13.25 HKD per share, indicating a positive outlook for the company's stock [1] Group 2: Market Dynamics - The image editing sector is benefiting from advancements in diffusion models, which provide foundational support for product innovation [1] - Meitu's domestic market is characterized by stable competition, with the primary user growth coming from overseas markets [1] - The company maintains a stable monthly active user (MAU) count of 170-180 million in the domestic market, with growth driven mainly by international users [1] Group 3: Product Development and AI Integration - Meitu is accelerating product iteration and feature updates, with a significant increase in AI functionalities [1] - The company is leveraging its accumulated technical and aesthetic data to capitalize on technological advancements [1] - AI features are expected to enhance product differentiation from overseas competitors, particularly in niche markets like body and hair beauty [1] Group 4: Revenue Potential and Payment Penetration - The company is optimistic about AI driving faster payment penetration in its products, as current paid feature adoption remains low to moderate [2] - Existing tools have a payment penetration rate of around 10%, while content-based products range from 20% to 30% [2] - Historical trends in the content copyright industry show a significant increase in payment penetration, suggesting potential for Meitu to improve its paid feature adoption [2]