" 今年两块投入或达大几十亿元。 " 作者丨应梅 编辑丨代聪飞 发布2024年Q4及全年财报后，美团释放了两个今年将重点投入的方向： 出海、AI。 出海业务的花费首次较为明显地体现在2024年Q4财报中。在优选等新业务持续减亏的情况下，美团新业 务Q4环比Q3，新增了12亿元亏损。当然，全年来看新业务在2024年大幅减亏，相比2023年依然减亏超 百亿元。 多位投资者表示，出海亏损还在预期之内。从过去2024年的业绩来看，美团并不打算牺牲利润去做出海业 务的投入。而是相对谨慎地扩张。 知情人士向雷峰网表示， 当初做香港市场美团考察了很久，做沙特市场美团也准备了两年。 2023年5月 美团外卖国际版Keeta在香港上线后，时隔一年半，于2024年10月上线沙特首都利雅得。当下出海有了 一些新进展，已经确定在中东市场更多国家扩张。 3月21日晚的财报电话会上，美团CEO王兴谈了十几分钟AI，首次较为详细谈论美团的AI布局和进展。美 团过去一年GPU资源投入达数十亿元。王兴进一步释放信号，今年会加大这方面的资本支出。了解更多美 团出海和AI投入的信息，欢迎添加微信 zymcfip 交流~ GPT3.5问世两年以来， ...

Financial Data and Key Metrics Changes - For the full year of 2024, total revenue increased by 22% year over year to RMB337.6 billion, with annual transacting users exceeding 77 million and annual active merchants reaching 14.5 million [5][6] - In Q4 2024, total revenue increased by 20.1% year over year to RMB88.5 billion, with total segment operating profit growing to RMB10.7 billion, up from RMB3.2 billion last year [24][26] - Adjusted net profit for Q4 reached RMB9.8 billion, with cash and cash equivalents totaling RMB168.2 billion as of December 31, 2024 [27][28] Business Line Data and Key Metrics Changes - The core local commerce segment delivered strong year-over-year revenue growth of 18.9%, reaching RMB65.6 billion, with operating profit improving to RMB12.9 billion [29][30] - The new initiatives segment saw revenue increase by 23.5% year over year to RMB22.9 billion, primarily driven by grocery retail and overseas businesses [31][32] - Order volume for food delivery and certain non-food categories was softer compared to Q3 2024, but transaction frequency for mid to high-frequency users continued to grow year over year [28][29] Market Data and Key Metrics Changes - The in-store business order volume increased by over 65% year over year in 2024, with significant growth in lower-tier markets [17][19] - Consumer demand for hotel and travel remained low, with a focus on lower-tier cities and value-for-money options emerging as new trends [20][21] - The Shenhui Yuan program expanded to cover more categories, with over 40% of total local commerce order volume coming from this program [89] Company Strategy and Development Direction - The company aims to adapt to evolving consumption trends and facilitate industry transformation, focusing on high-quality growth and operational efficiency [5][22] - There is a strong emphasis on integrating AI into business operations and product offerings to enhance competitiveness and improve user experience [37][39] - The company plans to continue expanding its overseas markets, particularly in the Middle East, while maintaining a focus on food delivery as a foundation for other services [56][60] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth prospects of the business, highlighting the resilience and adaptability demonstrated in 2024 [32][33] - The company is committed to enhancing the ecosystem for merchants and couriers, with initiatives aimed at improving service quality and operational efficiency [78][79] - Future plans include further investment in AI and autonomous delivery technologies to drive innovation and efficiency [46][49] Other Important Information - The company launched a RMB1 billion merchant support program in Q4 to help improve service quality and operational efficiency [13][14] - The organization underwent restructuring to integrate resources across different business lines, enhancing marketing efficiency and user growth strategies [95][96] Q&A Session Summary Question: AI Strategy and Investment Plans - Management emphasized an offensive strategy in AI, focusing on integrating AI into daily operations and product offerings to enhance productivity and competitiveness [36][38] Question: Expansion Plans for KITA in the Middle East - KITA has shown good growth momentum in Saudi Arabia, with plans to expand operations into more cities while focusing on food delivery as a foundation for other services [56][60] Question: Balancing Investment in New Initiatives - The company conducts regular reviews of capital allocation strategies, ensuring that new initiatives grow healthily while also enhancing shareholder returns through share buybacks [65][70] Question: Focus Areas for Food Delivery Business - Management remains confident in the potential for growth in the on-demand delivery business, with a focus on attracting younger users and increasing transaction frequency [75][76] Question: Competitive Landscape for In-Store Business - The company expects strong growth momentum in the in-store business, leveraging its competitive advantages and enhancing marketing strategies [85][86]

Core Viewpoint - JD.com is currently competing in three key areas: AI transformation, entering new market segments, and finding growth within its existing business. The underlying principle of these competitions is speed and efficiency [1]. Financial Performance - JD.com reported a revenue increase of 13.4% year-on-year to 347 billion yuan in Q4 2024. Operating profit under non-GAAP increased by 34.6% to 10.5 billion yuan, with an operating profit margin rising from 2.5% to 3% compared to the same period last year [1]. - The positive financial results were well-received in the capital markets, with JD.com's stock price rising over 6% in pre-market trading following the earnings announcement [1]. Market Expansion - JD.com officially entered the food delivery market shortly before the earnings report and plans to expand into local life group buying, travel, and moving services by early 2025. This move is seen as a direct competition with Meituan and Douyin in the local lifestyle market [1]. - The core e-commerce business, particularly in the 3C (computer, communication, consumer electronics) and daily necessities sectors, showed strong growth, with revenue growth in these categories reaching double digits year-on-year [4]. Marketing and User Growth - Marketing expenditures increased by 28.4% year-on-year to 13.1 billion yuan in Q4 2024, marking the fastest growth in marketing spending since the pandemic began. This contrasts with a 10.3% decline in Q4 2022 and a 9.4% increase in Q4 2023 [4]. - The increase in marketing investment and favorable government policies, such as the trade-in program for digital products, significantly boosted user growth, with active user numbers and shopping frequency both achieving double-digit growth year-on-year [4]. Cost Control and Efficiency - JD.com managed to keep its general and administrative expenses and operating costs below the revenue growth rate, with increases of 3.2% and 11.9%, respectively. This led to a notable improvement in profit margins [5]. - The retail segment's operating profit grew by 44.6% year-on-year to 10.036 billion yuan, marking the fastest growth in operating profit for JD Retail in Q4 since the pandemic [5]. AI Transformation - JD.com is actively pushing for AI integration across its business, with over 800,000 merchants currently using AI tools such as digital humans and AI short videos [2]. - The company has implemented AI in over 100 scenarios internally, with more than 600,000 employees utilizing AI tools based on JD's language model [7]. - The launch of the upgraded digital human technology and various AI applications in e-commerce has significantly improved conversion rates, with some applications exceeding a 300% increase compared to market averages [8]. Competitive Landscape - JD.com is now in direct competition with Meituan and Douyin in the local lifestyle sector, with both companies expanding their service offerings. However, JD.com is still in the early stages of its food delivery and travel services [11]. - The company faces challenges in balancing its resources between its core e-commerce business and new ventures, especially as competitors like Pinduoduo and Alibaba intensify their efforts in the same markets [12][13].

Investment Rating - Industry Rating: Overweight [1] - Previous Rating: Overweight [1] - Rating Change: Maintained [1] Core Insights - DeepSeek represents the transition of domestic AI technology from catching up to leading, indicating a potential revaluation of Chinese tech assets [1] - The selected "Big 7" Hong Kong tech stocks include Alibaba, Tencent, Xiaomi, Meituan, SMIC, BYD, and Horizon Robotics, based on industry influence and technological innovation capabilities [1] Summary by Company Alibaba - Alibaba is one of China's largest tech companies, with a business scope covering e-commerce, cloud computing, local services, and international digital commerce [12] - The core competitiveness lies in the "data-technology-scenario" closed loop, with significant advantages in AI model training due to massive consumer behavior data [12][13] - Collaboration with Apple to develop localized AI features for the Chinese version of the iPhone may lead to a revaluation of Alibaba's cloud and AI business [13] Tencent - Tencent is a leading player in China's internet ecosystem, with a strong "social + content" super-ecosystem that forms a solid barrier to entry [2][14] - Future growth is expected to be driven by innovations powered by AI technology, with applications in enterprise services and consumer-facing products [15] Xiaomi - Xiaomi is a leading consumer electronics and smart manufacturing company, focusing on smartphones, smart hardware, and IoT platforms [3][17] - The company has connected 822.2 million IoT devices, showing a 25.6% year-on-year growth, and aims to deepen its "human-vehicle-home" ecosystem strategy [17][18] - The automotive sector is expected to become a second growth curve, with AI integration enhancing user experience and creating new revenue streams [18] Meituan - Meituan is a super platform in China's local service sector, focusing on the digitalization of various scenarios including food delivery and travel [4][19] - The company's competitive edge lies in its super app ecosystem and instant delivery system, which creates a high-frequency traffic entry point [19][20] - Future growth will benefit from structural upgrades in the local service market and technological innovation [20] SMIC - SMIC is a leader in China's integrated circuit manufacturing, focusing on both mature and advanced process chip production [5][22] - The company has a strong manufacturing capability and localized supply chain, which positions it well to meet the growing semiconductor demand [22][23] - Future growth is expected to be driven by the continuous demand for semiconductors and technological upgrades [23] BYD - BYD is a global leader in the new energy vehicle sector, with a projected sales volume of over 4.27 million vehicles in 2024 [6][24] - The company has significant advantages in technology, cost, innovation, and distribution channels, which solidify its leadership position [24][25] - The "smart driving equality" strategy is expected to deepen BYD's leadership in the automotive industry [25] Horizon Robotics - Horizon Robotics is a leading supplier of advanced driver-assistance systems (ADAS) and high-level autonomous driving solutions [7][27] - The company has a competitive advantage through software-hardware collaboration, high efficiency, and an open ecosystem for customized development [27][28] - Future prospects include a strong entry into the high-performance computing market with its J6P chip, marking a significant leap in capabilities [29]

Group 1 - Meituan-W has received net buying from southbound funds for three consecutive days, with a cumulative net buying amount of 1.182 billion HKD and a stock price increase of 2.14% [1] - On February 28, the total trading volume of active stocks through the Hong Kong Stock Connect reached 73.84 billion HKD, with a net buying amount of 1.589 billion HKD [1] - On the same day, Meituan-W's trading volume through the Hong Kong Stock Connect was 4.115 billion HKD, with a net buying amount of 0.016 billion HKD, indicating continued investor interest [1]