Zhixun Finance APP learned that morgan stanley released a research report stating that it initiated a "shareholding" rating on meitu (01357), with a target price of 4.5 Hong Kong dollars, and expects its revenue compound annual growth rate from 2023 to 2026 to be 20%. Normalized net income will grow rapidly, from 14% in 2023 to 21% in 2026.

The bank estimates that meitu's paid user penetration rate will increase from 3.7% in 2023 to 6.8% in 2026. Driven by the increasing contribution of subscription revenue, meitu's gross margin from 2023 to 2026 is also expected to increase from 61% to 67%. Moran Stanley believes that meitu has found an effective way to monetize monthly active users (MAU), shifting from an advertising-based business model to a subscription-based business model, accelerating revenue growth and improving profitability. Moran Stanley is bullish on meitu's product-driven growth, as the competitive dynamics in meitu's core vertical areas are more favorable.