本报讯(记者李豪悦) 近日，瑞士银行发布的报告称，美图公司近期发布的AI模型对其用户增长没有影响，审美理解是公司 进行差异化竞争并构建护城河的关键。瑞银对美图维持买入评级，目标价14.1港元/股。 面对包括大厂巨头在内的同行竞争，美图公司认为，用户的审美偏好一直在动态变化，且不同文化背景 人群审美差异很大，这使得单纯依靠流量获取用户变得困难。而随着模型能力的普遍提升，审美洞察和 理解成为关键的差异化因素，这正是美图过去十几年所积累的，已整合到中台，因此能快速推出满足用 户偏好的新功能。 大摩表示，应用仍是AI投资的首选，重申对腾讯控股、阿里巴巴和美图公司的增持评级。 高盛近日发布的报告表示，美图公司已经在旗下多款产品中整合了RoboNeo的Agent能力。该行认为， 应用厂商通过整合大模型能力并专注于特定场景，使To C和To B用户能够利用AI在一个平台上完成工作 流，因此对中国AI应用市场持积极看法。 美图公司认为，一方面，美图采取的"模型容器"策略使其可以接入最新模型技术，并通过后期训练打造 满足用户需求的功能；另一方面，大模型的语言交互模式目前还无法取代生活类和生产力产品的操作流 程，这是用户留存的关 ...

Group 1 - American Bank has initiated coverage on Meitu with a "Buy" rating and a target price of HKD 13.5, projecting a compound annual growth rate (CAGR) of 42% for adjusted net profit from 2024 to 2027 [1] - The report highlights that Meitu's global paid user rate is expected to rise due to the flywheel effect of AI, with productivity tools becoming a new growth driver for the company [1] - Revenue from Meitu's productivity tools is anticipated to grow at a CAGR of 58% to reach RMB 825 million by 2027, accounting for 14% of total revenue [1] Group 2 - As the paid user rate increases and productivity tools expand, subscription revenue is projected to account for approximately 80% of Meitu's total revenue by 2027, indicating higher revenue stability and visibility [1] - The improvement in subscription revenue share is expected to enhance gross margins and lower customer acquisition costs, leading to sustained profitability and profit expansion driven by operational leverage from subscription business [1] - On September 12, Meitu's stock rose over 5% following the announcement of a partnership with Alibaba's Tongyi Laboratory to enhance its products with advanced AI models [2] - The collaboration aims to provide a new intelligent imaging experience for Meitu's global users, leveraging AIGC technology for industrial applications in imaging, design, and film [2] - Prior to this, other institutions, including Dongfang Securities, have also issued "Buy" ratings for Meitu, with a target price of HKD 13.25 [2]