Jinwu Financial News | According to Haitong Securities Research Report, in 2023, Meitu (01357) had total revenue of 2,696 million yuan (+29.3% year over year); comprehensive gross profit margin of 61.4% (+4.5pct year over year); net profit to mother of 368 million yuan (+233.2% year over year). In 2023, the company's video and design product business revenue was 1,327 billion yuan (+52.8% year over year), accounting for 49.2% of total revenue (+7.6pct year over year). In 2023, the total number of monthly active users of the company's products was 249 million (+2.6% YoY), of which the total number of users in productivity scenarios was 17.66 million (+74.3% YoY); the total number of paid subscription users was 9.11 million (+62.3% YoY). In 2023, the company's beauty solutions generated revenue of 569 million yuan (+29.1% year over year), accounting for 21.1% of total revenue. Revenue growth mainly came from cosmetics supply chain management services.
According to the bank, the revenue estimates for the segment are as follows: 1) Imaging and design products: in 2023, the total number of paid subscribers of the company was 9.11 million (+62% compared to the same period), the user payment rate was 3.7% (+1.3 pct year over year), and the average annual revenue of subscribers was 180.23 yuan (-0.9% year over year). The bank expects that in 2024-2026, the number of global paying users will be 12.34 million, 15.6 million, and 19.03 million, respectively, with year-on-year growth rates of 36%, 26%, and 22%; subscription rates are 4.8%, 5.9%, and 6.9%, respectively, increasing 1.1 pct, 1.1 pct, and 1 pct, respectively; and the average annual revenue of subscribers is 185 yuan, 195 yuan and 200 yuan, respectively. 2) Aesthetic solutions: The bank expects the company's revenue growth in 2024-2026 to 30%, 28%, and 25%, respectively. 3) Advertisement: The bank expects the company's revenue growth rate to be 5.5% in 2024-2026, respectively, to maintain steady development.
Overall, the bank expects the company's revenue in 2024-2026 to be 3,565 billion yuan, 4.556 billion yuan and 5.578 billion yuan, respectively, with year-on-year increases of 32.2%, 27.8% and 22.4%, respectively; the company's net profit to mother is 597 million yuan, 861 million yuan and 1,123 million yuan respectively, with year-on-year growth rates of 57.94%, 44.09% and 30.46% respectively. Referring to the 2024 average PE valuation of comparable companies, the company was given a PE valuation of 30-35 times in 2024, calculated based on RMB 1 = HK$1.1036, corresponding to a reasonable value range of HK$4.36-5.08 per share. For the first time, coverage was given, and a “superior to the market” rating was given.