Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 4.50 [8]. Core Views - The company is expected to achieve a year-on-year adjusted net profit growth of no less than 80% in 1H24, with an absolute profit value of at least RMB 270 million [3]. - The company continues to implement a productivity and globalization strategy, focusing on generative AI to enhance product capabilities and drive user growth and subscription penetration [3]. - The report anticipates revenue growth of 36% year-on-year for 1H24, reaching RMB 1.7 billion, and an adjusted net profit of RMB 280 million, reflecting an 85% increase year-on-year [3]. Summary by Sections Financial Forecasts - The company forecasts revenues of RMB 3.748 billion, RMB 4.857 billion, and RMB 5.978 billion for 2024, 2025, and 2026 respectively, representing year-on-year growth rates of 39%, 30%, and 23% [11]. - Adjusted net profits are projected to be RMB 580 million, RMB 804 million, and RMB 1.066 billion for the same years, with year-on-year growth rates of 56%, 50%, and 31% [11]. User Growth and Product Development - The company has a solid user base, with 106.3 million global members as of June 2024, a 48% increase from the previous year [4]. - The introduction of innovative AI-driven features is expected to enhance product capabilities and drive user engagement and subscription rates [4]. Global Expansion - The company has successfully replicated its domestic product capabilities in overseas markets, achieving top rankings in app stores in countries like Thailand and India [6]. - Continued expansion of productivity products into international markets is anticipated to sustain growth momentum [6]. Valuation - The report assigns a valuation premium to the company, estimating a 2024 PE ratio of 32x, based on the long-term potential of its AI-driven productivity scenarios [13]. - The target market capitalization is set at RMB 18.4 billion, corresponding to a target price of HKD 4.50 per share [13].
美图公司：1H24前瞻：寻求研发投入与利润平衡