美圖公司(1357.HK)重回發行價8.5港元,三年內升19倍
6月25日,美圖公司(1357.HK)早盤升近3%,報8.5港元,再創52周新高的同時,重回2016年上市發行價。今年以來,美圖股價今年已累升近200%,目前總市值為388億港元。日前,美圖宣佈即將上線聚焦影像的AI Agent產品。
2016年12月15日,美圖於港交所上市,發行價格為8.5元/股。然而,隨着美圖在手機、短視頻、社交等領域的多元化探索失敗,美圖股價一度跌至0.5港元左右。
自2020年以來,美圖重新聚焦影像與設計產品業務,商業模式由以廣吿為主轉變為以付費訂閲為主,AI驅動下付費收入快速增長,業績取得改善。至2024年,美圖全年收入33.4億元,經調整淨利潤5.9億元。
隨着產品矩陣和商業模式逐漸成熟,美圖因業績兑現能見度高成為港股AI應用中的稀缺性標的。大摩、高盛等國際大行報吿稱,全球生產力市場將成為美圖新的增長驅動力,該場景下付費滲透率有望達到20%,並預計2026年起加速變現。
值得一提的是,2024年12月,美圖出售持有的全部加密貨幣,大摩稱,這是美圖資本市場地位和投資者心目中形象的一個轉折點。2025年5月,美圖與阿里達成戰略合作並獲得其2.5億美元投資,此舉被認為在一定程度上打破了市場對於中小廠AI競爭力的質疑。
業績驅動疊加基本面優化,美圖今年以來被公募基金和外資連續買入,股價年內已累升2倍,而對比其2022年最低價時,三年內升幅達到19倍。目前,券商機構普遍給予美圖2025年30-35倍PE。
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