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研報掘金丨廣發證券:首予美圖“買入”評級 合理價3.44港元
廣發證券發表報吿,首次覆蓋美圖公司(1357.HK),給予“買入”評級,合理價值為每股3.44港元,指公司是拍攝美化龍頭,AI驅動使用者付費率提升,積極推動產品出海。報吿指,據Questmobile,美圖秀秀在圖片編輯領域擁有最高的用户活躍度,截至4月公司MAU市佔率達到54%,具備較高的用户粘性。公司推出AI相關功能提升用户付費意願,付費率從2020年0.65%提升至2023年的3.7%。公司積極推動產品全球化,在海外推出多個新功能獲取用户。此外,公司推出“美圖設計室”等面向商業場景的產品,並持續反覆運算,通過AI設計服務降低中小企業設計成本。由於中小企業成本敏感,AI降本增效成果顯現將加速滲透率提升,帶動付費增長。廣發證券預計美圖2024至2026年純利分別為5.08億、7億及9.2億港元。參考可比公司按28倍市盈率,對應3.9倍市銷率,預計美圖公司合理估值為142.19億元人民幣,合理價值為每股3.44港元。首次覆蓋,給予“買入”評級。
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