《大行報告》中金首予美圖(01357.HK)「跑贏行業」評級 目標價4.3元
中金發表報告指,美圖(01357.HK)經營模式轉至收費訂閱服務,以創造新增長潛力,其中今年上半年訂閱收入佔集團總收入的47.8%,而其訂閱服務已取代廣告業務,成為其核心經營模式之一。
該行指,人工智能生成內容(AIGC)呈現新機會並有助公司拓展其現有的生產工具業務。該行相信,人工智能科技可加速將公司面向個人消費者的產品升級,建立產品競爭優勢,提升用戶支付意慾。
該行料,付費用戶比例是未來訂閱收入增長的推動力,料付費用戶比例達5.3%,其數量達1,378萬戶,到2025年公司訂閱收入達25.8億元人民幣,接近今年預測的一倍。
中金預料,公司今年、明年及2025非國際財務報告準則每股盈測分別達0.7元人民幣、0.12元人民幣及0.17元人民幣。中金首予美圖目標價4.3元及「跑贏行業」評級。(ca/k)
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