Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - In H1 2024, the company achieved revenue of 1.621 billion RMB, a year-on-year increase of 28.6%, and an adjusted net profit of 273 million RMB, up 80.3%, aligning with previous forecasts [3] - The company's imaging and design products continue to grow rapidly, with revenue from this segment reaching 931 million RMB in H1 2024, a year-on-year increase of 54.5%, driven by generative AI technology enhancing product appeal [3] - The company has successfully executed its globalization strategy, with overseas monthly active users (MAU) reaching 85 million, a year-on-year increase of 15.0%, now accounting for 32.9% of total MAU [3] - The company is expanding its product matrix, focusing on AI workflows for digital content, with significant growth in subscription users for its design tools [3] - The gross margin improved to 64.93%, up 5.13 percentage points year-on-year, primarily due to the higher revenue share from high-margin imaging and design products [4] - The report slightly lowers profit forecasts for 2024-2026, expecting adjusted net profits of 550 million, 900 million, and 1.18 billion RMB respectively, with corresponding P/E ratios of 27, 18, and 11 times [4] Financial Summary - Total revenue for 2022 was 2.085 billion RMB, with projections of 2.696 billion RMB for 2023, 3.612 billion RMB for 2024, and 4.688 billion RMB for 2025, reflecting a compound annual growth rate [2] - Adjusted net profit for 2023 is projected at 368 million RMB, increasing to 553 million RMB in 2024 and 901 million RMB in 2025 [2] - The company’s MAU reached 258 million in H1 2024, a year-on-year increase of 4.3% [3]
美图公司：2024H1业绩点评：AI驱动订阅率提升，全球化战略持续兑现