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<Research>HTSC Lifts MEITU's TP to HKD12.83 w/ Higher Earnings Forecasts
Recommend 10 Positive 14 Negative 4 |
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According to a Huatai Securities report, MEITU (01357.HK) recorded a revenue of RMB1.82 billion for 1H25, up 12.3% YoY. The company proactively scaled back its beauty business during the quarter, resulting in revenue falling short of market expectations. However, its core imaging and design product revenue increased by 45.2% YoY to RMB1.35 billion, in line with expectations. The number of core paying users reached 15.4 million, up 42% YoY, with a paid penetration rate of 5.5%. MEITU's 1H25 adjusted net profit also reached RMB470 million, beating expectations by 10% and approaching the upper end of its results forecasts. Optimistic about MEITU's long-term prospects, Huatai Securities gave it a Buy rating and raised its target price from HKD7.48 to HKD12.83. In addition, the broker lifted its 2025-27 adjusted net profit forecasts for MEITU by 6%/ 9%/ 6% to RMB950 million/ RMB1.31 billion/ RMB1.68 billion, given that the company could leverage AI to continue boosting its paying user base and driving improvements in operating leverage. AAStocks Financial News |
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