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《大行》華泰證券升美圖(01357.HK)目標價至12.83元 上調盈測
阿思達克 08-20 11:48
華泰證券發表報告指,美圖(01357.HK)上半年收入18.2億元人民幣(下同),按年增長12.3%,季度公司主動收縮美業業務,導致收入低於市場預期,但核心主業影像與設計產品收入13.5億元,按年增長45.2%,符合預期,核心驅動付費用戶數達1,540萬,按年增長42%,付費滲透率達5.5%。上半年經調整淨利潤為4.7億元,超預期10%,達到業績預告上限。該行看好美圖的長期前景,予「買入」評級。目標價由7.48港元升至12.83港元,相當於預測今年市盈率35倍。 華泰證券對美圖2025至27年各年收入預測分別降5%、降6%及升9%,至分別41億、51億及61億元,2025、2026年收入下調主要考慮到美業收縮影響,2027年收入上調主要是AI生產力場景收入放量。該行對其2025至27年各年經調整純利預測分別6%、9%及6%,至分別9.5億、13.1億及16.8億元,公司以AI賦能持續提升付費用戶數,推進經營槓桿改善,因此上調利潤預測。
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