金吾财讯 | 美图公司(01357)延续升势，截至发稿，涨8.7%，报5.62港元，成交额16.13亿港元。消息面上，日前，摩根士丹利发表研究报告指，美图受到AI带动订阅收入增长及营运杠杆改善的推动，去年盈利进一步强劲增长。撇除处置加密货币单次性收益，集团初步预计其去年经调整净利润将按年增长52%至60%，以中间值5.75亿元计，亦高于大摩预测及公司指引。大摩相信，在DeepSeek的带动下，较低的AI模型推理成本应可进一步改善美图的订阅收入毛利率。富瑞则表示，美图去年初步经调整盈利预计同比增长52%至60%，达5.6亿至5.89亿元人民币，相对于市场及该行预期各为5.73亿及5.82亿元人民币；增长主要由于人工智能（AI）推动下核心业务“影像与设计产品”快速增长；海外市场收入增长快于中国市场；AI收入贡献增加，带动毛利增长及毛利率改善；经营开支增长率低于毛利增长率。
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