美图- 亲身体验见真章：从美颜工具到专业内容创作引擎；首次覆盖给予 “买入” 评级，目标价 16 港元

Generative AI has enabled Meitu to upgrade from a "Beautifying tool" to an "AI photo & video generator & editor app", expanding its market from consumer entertainment to enterprise (e.g., e-commerce, advertising) productivity tools, driving MAU, paying ratios, and ARPU. As a global leader in photo beautification, Meitu enjoys a strong brand image in aesthetics and a global database in photo editing, positioning it to capitalize on the generative AI trend: (1) in-house foundation model: MiracleVision, empowe ...