Daiwa: First initiated a "shareholding" rating on Meitu, with a target price of HK$4.5.

Morgan Stanley released a research report stating that it initiates coverage on Meitu (01357) with a 'shareholding' rating and a target price of 4.5 Hong Kong dollars. It is expected that the compound annual growth rate of revenue for the years 2023-2026 will be 20%, and the normalized net income will grow rapidly, from a 14% increase in 2023 to a 21% increase in 2026. The bank predicts that Meitu's paid user penetration rate will increase from 3.7% in 2023 to 6.8% in 2026. Driven by the continuous growth in subscription revenue contribution, Meitu's gross margin between 2023-2026 will also increase from 61% to 67%. Morgan Stanley believes that Meitu will

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