Investment Rating - The report maintains a "Buy" rating for Meitu Inc (1357 HK) [2] Core Views - Meitu achieved strong profit growth in H1 2024, with revenue of RMB 1 62 billion (YoY +28 6%), gross profit of RMB 1 05 billion (YoY +39 6%), and net profit of RMB 300 million (YoY +45 0%) [3] - The company's adjusted net profit attributable to shareholders reached RMB 270 million (YoY +80 3%), driven by rapid growth in AI-powered imaging and design products [3] - Meitu's globalization strategy is progressing successfully, with overseas MAU accounting for 32 9% of total MAU [3] - The company's AI-driven productivity tools, particularly X-Design and Wink, showed significant user growth and revenue increases [3] Financial Performance - In H1 2024, Meitu's imaging and design product revenue grew 54 5% YoY to RMB 930 million, driven by increased user base and paid penetration rate [3] - The company's total MAU reached 258 million (YoY +4 3%), with paid subscribers hitting 10 81 million (4 2% penetration rate) [3] - X-Design revenue surged 152% YoY, with 960,000 subscribers, while Wink's MAU grew approximately 99% YoY [3] - Beauty solutions revenue declined 5 5% YoY to RMB 270 million, while advertising revenue recovered with 18 3% YoY growth to RMB 410 million [3] Product Development - Meitu launched its WonderVision 5 0 model supporting video generation and six new AI+ imaging design products at its third imaging festival [3] - The company continues to strengthen its position as a leading C-end imaging platform with significant AIGC application realization [3] Market Performance - Meitu's current share price is HKD 2 32, with a 52-week range of HKD 2 13-4 19 [3] - The company's total market capitalization stands at HKD 10,521 42 million [3] - Meitu's stock performance over the past year shows -31 4% return, underperforming the Hang Seng Index's -5 5% [3] Financial Projections - Revenue is forecasted to grow to RMB 3 6 billion in 2024, RMB 4 5 billion in 2025, and RMB 5 4 billion in 2026 [6] - Adjusted net profit attributable to shareholders is projected to reach RMB 560 million in 2024, RMB 800 million in 2025, and RMB 1 06 billion in 2026 [6] - The company's ROE is expected to improve from 9% in 2023 to 16% in 2026 [7] - EPS is forecasted to grow from RMB 0 09 in 2023 to RMB 0 25 in 2026 [7] Valuation Metrics - The company's P/E ratio is projected to decline from 23 46x in 2023 to 9 18x in 2026 [7] - P/B ratio is expected to decrease from 2 33x in 2023 to 1 57x in 2026 [7] - P/S ratio is forecasted to drop from 3 55x in 2023 to 1 77x in 2026 [7]
美图公司：公司动态研究：利润增长强劲，全球化战略持续推进