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《大行》瑞銀首予美圖(01357.HK)目標價13.6元及「買入」評級
阿思達克 07-10 10:35
瑞銀發表報告表示,首次覆蓋美圖(01357.HK),予目標價13.6元(相當於2026至2026年平均市盈率40倍)及「買入」評級,並列為中國軟件行業首選,預期公司2024至2027年的收入及經調整淨利率年均複合增長率分別為27%及42%。 在生活場景業務方面,該行認為公司一直透過專注於產品質量和用戶體驗來提升付費率,預期國內消費者越來越願意花費購買數碼服務,加上快速滲透國外市場,公司生活場景業務2024至27年的收入年均複合增長率可達27%,付費率可由2024年的4.6%提升至2027年的7.5%。 而生產力工具業務方面,公司於2022年推出的美圖設計室(DesignKit),透過為電商設計產品而吸引用家,在2024年創造了2億元人民幣收入,該行料2027年該產品收入可達18億元人民幣,佔整體訂閱收入的32%,並預期生產力工具業務的增長會快於生活場景業務,因圖像軟件將會是最早一個類別可從生成式AI中獲得實際商業價值,且美圖設計室讓電商用戶可實際提升效率。
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