计算机行业点评报告：美团-W（3690）：核心业务稳健增长，AI战略布局持续深化

Investment Rating - The report maintains a "Buy" recommendation for Meituan-W (3690.HK) [8] Core Insights - Meituan's core business shows robust growth, with local commerce revenue reaching 656 billion CNY, a year-on-year increase of 18.9%, and operating profit rising by 60.9% to 129 billion CNY [4][6] - The instant retail order volume in China surpassed 48 billion, growing by 17.6% year-on-year, with expectations to exceed 100 billion by 2030, maintaining an average annual growth rate of 13.1% over the next six years [4] - The company has disclosed its AI strategy, focusing on internal efficiency, product intelligence upgrades, and self-developed large models, with significant investments in GPU resources [7] Summary by Sections Instant Retail and Delivery - The instant delivery sector is undergoing a technological transformation, with the government including "instant delivery network construction" in new infrastructure initiatives [4] - Meituan's instant delivery service has achieved a peak order volume of 98 million daily, supported by partnerships with major retailers and local merchants [4][6] Core Business Performance - The local commerce segment's revenue growth is driven by synergies among food delivery, flash purchase, and in-store services, with a significant increase in active merchants [4][6] - New business revenue reached 229 billion CNY, up 23.5%, with losses narrowing to 22 billion CNY, reflecting a loss rate improvement to 9.6% [6] AI Strategy and Technological Investment - Meituan's AI strategy includes integrating AI into daily operations, enhancing existing services, and developing proprietary models, with a planned launch of an AI-native product covering various service scenarios [7] - The company invested 211 billion CNY in R&D, focusing on AI and autonomous delivery technologies [6][7]