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<Research>M Stanley Initiates MEITU (01357.HK) at Overweight with $4.5 TP
Recommend 11 Positive 21 Negative 3 |
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Morgan Stanley released a research report, initiating MEITU (01357.HK) at Overweight. Based on the 23x 2025E P/E, the target price was $4.5. It forecast that MEITU's revenue will have a CAGR of 20% in 2023-26. MEITU is no longer just a technology company that develops photo editing apps, said the broker. Its business model transformed from being primarily based on advertising revenue to a subscription-based service model, which sped up revenue and profit growth and improved the product matrix. MEITU now covers photos, videos and design tools. Morgan Stanley also pointed out that MEITU is one of the few technology companies in the market whose SaaS business can be profitable, having monetized its generative AI technology. It expected that the company's net profit will grow by about 50% in 2024. AAStocks Financial News |
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