相信凡是看过今年苹果以"前方超燃"为主题新品发布会的朋友都会赞同，CEO蒂姆·库克这一次真的没 有吹牛，iPhone 17系列确实有资格成为"iPhone历史上最大的飞跃" 和 "极具开创性的产品"。 从有了高刷屏的iPhone 17、"史上最薄"的iPhone Air到影像系统再次进化的iPhone 17 Pro版本，在经历了 数次迭代后，苹果此次算得上是"把牙膏挤爆"。当然，作为全球最知名的手机品牌，每一代iPhone发布 时总会伴随着非议。这不，前"苹果母公司CEO"罗永浩就在微博上向iPhone的斜跨挂绳"开炮"，"并表 示"这么割粉丝韭菜很恶心，吃相很难看。" 由于苹果为iPhone 17系的斜跨挂绳定了个59美元（479元人民币）的价格，所以就有人惊呼这是"割韭 菜"。对此苹果官方客服方面回应称，该挂绳采用再生PET环保材质和特殊的编制工艺制作，具有很强 的韧性，工艺精美，用户可按需购买。 再生PET环保材质是以废弃的矿泉水瓶、可乐瓶等塑料制品为原料，经过清洗造粒、重新拉丝制造纤维 制成的PET聚酯环保材料，俗称"可乐瓶环保布"（RPET面料），比常规流程生产聚酯纤维可节省近 80％的能源。目前， ...

Investment Rating - The report assigns a rating of "Buy" for Meituan-W (3690) [1][9]. Core Insights - In Q1 2025, the core local business operating profit increased by 39% year-on-year, indicating strong performance despite anticipated profit fluctuations in Q2 due to competitive pressures in the food delivery sector. However, long-term competitive barriers remain solid [3][8]. - The company plans to invest 100 billion RMB over the next three years to enhance its ecosystem, which is expected to improve user engagement and frequency of purchases, particularly among mid-to-high frequency users [8][9]. Financial Summary - Revenue for Q1 2025 reached 86.56 billion RMB, a year-on-year increase of 18.1%, with adjusted net profit of 10.949 billion RMB, up 46.2% year-on-year. The operating profit margin improved by 5.1 percentage points to 12.2% [8]. - The core local business generated revenue of 64.325 billion RMB in Q1 2025, reflecting a 17.8% year-on-year increase, while operating profit rose by 39.1% to 13.491 billion RMB, with an operating profit margin of 21.0% [8]. - The financial projections for 2025-2027 have been adjusted, with expected revenues of 393 billion, 459 billion, and 536 billion RMB respectively, and adjusted net profits of 41.8 billion, 53.9 billion, and 68.5 billion RMB [9][12]. Valuation Methodology - The report employs a Sum-of-the-Parts (SOTP) valuation method, assigning a 20x PE ratio to the core local business and a 0.5x PS ratio to new businesses, resulting in a target price of 177 HKD for Meituan-W [9][10].