Investment Rating - The report gives a "Buy" rating for Yingpais (002899) based on its potential growth in fitness equipment and AI sports glasses [2][32]. Core Insights - Yingpais focuses on the research, manufacturing, and sales of a full range of fitness equipment, achieving a revenue of 896 million yuan in Q1-Q3 2024, a 36% year-on-year increase [2][32]. - The global fitness equipment market is expected to grow at rates of 3.8%, 3.6%, and 4.2% from 2023 to 2025, with China being a significant market [32]. - The company is expanding its ODM business and has a strong barrier to entry in the export market, with new production capacity supporting growth [32][33]. - The smart sports glasses market is identified as a blue ocean opportunity, with the company collaborating with leading brands to develop products for cycling and fitness [2][34]. Summary by Sections Yingpais Overview - Yingpais is a leader in the domestic fitness industry, focusing on mid-to-high-end products and successfully entering international markets through OEM/ODM partnerships [2][32]. Financial Performance - In 2024, Yingpais is projected to achieve net profits of 120 million, 160 million, and 200 million yuan for the years 2024 to 2026, with corresponding PE ratios of 31X, 24X, and 19X [2][32]. Market Trends - The report highlights the increasing demand for fitness equipment globally, with significant growth in the Chinese market, which reached 26.86 billion yuan in 2022 [32]. Strategic Initiatives - Yingpais is actively pursuing opportunities in the smart sports glasses sector, aiming to leverage AI advancements to enhance product offerings and capture new market segments [2][34].

Investment Rating - The investment rating for Meituan-W (03690) is "Buy" (maintained) [1] Core Views - The report emphasizes the potential of AI empowerment to enhance both customer experience and operational efficiency. Meituan's strategic upgrade to "Retail + Technology" aims to integrate technological capabilities deeply into local life services and retail businesses, focusing on areas such as instant retail, smart supply chains, and unmanned delivery [4][10] Summary by Sections Financial Performance - For 2023, Meituan's revenue is projected at 276,563 million, with a year-on-year growth of 26%. The adjusted net profit is expected to be 23,253 million, reflecting a significant increase of 730% [13] - Revenue forecasts for 2024, 2025, and 2026 are 336,699 million, 385,681 million, and 435,161 million respectively, with growth rates of 22%, 15%, and 13% [10] - Adjusted net profit forecasts for the same years are 42,305 million, 52,213 million, and 70,790 million, with growth rates of 82%, 23%, and 36% [10] Business Strategy - Meituan has accelerated its layout in B-end SaaS since 2016, providing comprehensive solutions for merchants in management, marketing, and supply chain [5] - The company is focusing on AI's role in enhancing operational efficiency in the restaurant SaaS sector, drawing parallels with successful overseas examples [5][6] - The report highlights Meituan's investment in robotics and automation technologies, with over 30 investments in related companies since 2021 [9] Market Positioning - Meituan's strategic focus on AI and technology integration is expected to create a competitive edge in the retail sector, particularly in enhancing customer experience through personalized services and operational efficiencies [7][10] - The report notes the significant advancements in Meituan's unmanned delivery capabilities, including the development of autonomous driving technology and drone delivery services [8][9] Future Outlook - The report maintains a positive long-term outlook on Meituan's operational and organizational capabilities, emphasizing the importance of its "extreme execution" strategy in the retail sector [10] - The anticipated acceleration of generative AI commercialization and macroeconomic improvements are expected to positively impact Meituan's business performance [6][10]