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《大行報告》中金首予美圖(01357.HK)「跑贏行業」評級 目標價4.3元
阿思達克 11-30 10:01
中金發表研究報告指,首予美圖(01357.HK)「跑贏行業」評級,目標價為4.3元。該行相信,未來美圖的付費率提升是訂閱收入增長主要驅動力,預計2025年付費率達5.3%,付費用戶數達1,378萬人,訂閱收入可望達25.8億元人民幣(下同),較2023年的預測有接近翻倍增長空間。另外,集團商業模式轉型亦為付費訂閱模式開啟新空間,而All in AIGC亦帶來新機遇,為公司開拓生產力新場景。 該行認為集團已經重新明確工具定位,在年輕用戶付費用戶背景下明確訂閱商業模式,在AI趨勢驅動下開拓生產力等新興場景,可望迎來商業模式蛻變。該行預計,集團2023至25年的每股盈測分別為0.07元、0.12元、0.17元,複合年增長率為107%。
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