中金发表研究报告指，美图公司(01357.HK) 与阿里巴巴集团达成战略合作，阿里将通过发行3年期、票面利率1%的可转换债券，向美图注资2.5亿美元，且可在发行日起至到期前五个工作日内，按每股6.0港元的价格转换为美图股票(相当于年初以来平均收盘价溢价24%)。双方计划将在AI技术、电商平台和云计算等领域展开深入合作，值得关注。
中金维持美图今明两年收入和经调整净利润预测，维持“跑赢行业”评级，考虑到AI合作和起量在业绩上需要磨合期，同时市场对于公司的盈利稳健释放拐点判断，已经看向2026年的估值水平，给予2026年Non-IFRS预测市盈率27倍，上调目标价14.3%至6.3元。(ad)(港股报价延迟最少十五分钟。沽空资料截至 2025-05-21 16:25。)
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