《大行》里昂升美圖公司(01357.HK)目標價至14.1元 評級「跑贏大市」
里昂研究報告指出,美圖公司(01357.HK)發盈喜,料上半年調整後淨利潤預計按年增長65%至72%,預計總收入按年增長25%至20億元人民幣(下同),調整後淨利潤按年增長68%至4.58億元。此外,受付費用戶加速增長推動,並得到海外市場穩健增長、生產力工具擴展,以及毛利率改善及更強的營運槓桿支持,里昂現採用預測2026年經調整市盈率45倍為估值基礎,將目標價從7.8港元上調至14.1港元,對應三年調整後淨利潤年均複合增長率40%預測,隱含約1.1倍市盈增長率,維持「跑贏大市」評級。
里昂表示,美圖公司受到PVD(照片、影片業務)收入貢獻增加帶來的毛利率擴張、與阿里-W(09988.HK)合作降低的雲服務成本及改善的營運槓桿推動,分別上調該股2025及2026年調整後淨利潤預測各15%、20%。
里昂認為,持續的AIGC(人工智能生成內容)轉型發展是美圖發展的關鍵催化劑,特別是公司在擴展生產力場景時,將部分AIGC功能融入其產品。
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