金吾财讯 | 中信建投研报指，美图公司(01357)投资者日突出AI重要性，基本实现第一阶段目标。实现功能互相调用的第一阶段目标已基本实现，大幅提升影像编辑效率。明年公司将进入第二阶段，实现协同编辑。用户在统一界面内，既可以用GenAI生成影像，还可以在数值条调整参数，以及编辑不同图层的文字和影像内容，有望进一步改善AI影像编辑效率。未来公司第三阶段将落实生态改造，预计应用生态将进行进一步整合和升级。 该机构指，AI融合全面推进且卓有成效。AI agent产品RoboNeo上线AI合照、3D手办等创新功能，首周登顶国内分类榜首，海外版接入Nano Banana；AI电商产品WearWow已接入淘宝，阿里战略合作见成效；美图秀秀靠“AI合照”登顶欧洲14国应用榜首。四季度进入海外节日旺季，关注后续功能创新和高频数据变化。该机构预计2025-2027年公司经调整归母净利润为9.41/13.20/16.54亿元，同比增长60.49%/40.29%/25.37%，2025年10月16日收盘价对应PE为38.94/27.76/22.14 x，维持“买入”评级。
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