美圖公司(01357.HK)深度研究報告:發力AIGC,首次全年盈利,C端VIP訂閱業務與B端SaaS業務協同發展的新商業模式取得初步成功
核心觀點:
一、美圖公司是中國“顏值經濟”領域的代表公司,旗下海內外產品豐富,產品矩陣以圖片編輯和視頻編輯產品爲核心,全系產品已經與AIGC高度融合。美圖秀秀和美顏相機長期穩定於國內“顏值經濟”領域圖片美化賽道和美顏拍攝賽道的頭部梯隊。美圖秀秀自2008年上線以來在圖片美化賽道長期保持用戶規模第一。美顏相機用戶規模及月活數量均長期位列行業第一。
二、美圖公司C端VIP訂閱業務與B端SaaS業務快速協同發展,推動美圖公司收入增長步入加速期。2022年,美圖公司的三大收入來源依次是VIP訂閱業務收入(在總收入中佔比37.5%)、在線廣告收入(在總收入中佔比28.6%)和SaaS及相關業務收入(在總收入中佔比22.2%)。其中,美圖公司的最大收入來源爲VIP訂閱業務收入,增長最強勁的收入來源爲SaaS及相關業務收入。
三、美圖公司的月活躍用戶總數量恢復增長,應用內客戶購買行爲呈增長趨勢,有效付費訂閱用戶(VIP訂閱用戶)數量和每付費用戶平均收入在穩健增長。隨着中國顏值經濟的發展,美圖公司未來從用戶大盤向付費用戶引流轉化的空間依然遼闊。
四、美圖公司總收入和經調整歸屬於母公司擁有人的淨利潤在全球經濟增長放緩的情況下依然實現穩健增長,經調整後歸屬於母公司的淨利潤持續實現淨額盈利,2022年首次實現全年盈利。研發開支在歷年營業成本中佔比均最高,展現出美團公司對於產品核心技術研發的重視。
五、風險提示:宏觀經濟波動風險;互聯網行業增長速度放緩風險;行業競爭加劇風險;海外業務拓展政策風險;AIGC效果不及預期風險
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