Investment Rating - The report maintains a "Buy" rating for the company with a target price of 26.50 HKD [4][5] Core Insights - The company reported a revenue of 4.4 billion RMB in Q1 2025, representing a year-over-year increase of 13.2%, which aligns with market expectations. Adjusted net profit reached 790 million RMB, exceeding expectations by 8% due to better-than-expected product gross margins driven by refined operational subsidies [1][2] - The company is focusing on enhancing user value and operational efficiency, with a 9.2% year-over-year increase in average monthly paying users in Q1. Additionally, the acquisition of Wanda Hotel Management Company aims to strengthen the company's position in the hotel management sector as a second growth avenue [1][2] - The resilience of domestic tourism demand is expected to support the company's long-term revenue growth and profit release through user value extraction and industry chain integration [1] Revenue and Profitability - The company's Q1 2025 gross profit was 3 billion RMB, a year-over-year increase of 19.8%, with a gross margin of 68.8%, surpassing expectations by 3 percentage points. Operating profit for the quarter was 820 million RMB, reflecting a year-over-year increase of 79.6% [2] - The core OTA business's operating profit exceeded expectations by 1.5%, while the vacation business outperformed expectations by 39.5% [2] Financial Forecast and Valuation - The company is projected to generate revenues of 19.5 billion RMB, 22.2 billion RMB, and 24.9 billion RMB for the years 2025, 2026, and 2027, respectively. Adjusted net profits are expected to be 3.4 billion RMB, 4.1 billion RMB, and 4.8 billion RMB for the same years [3] - The report assigns a price-to-earnings (PE) ratio of 17 for 2025, leading to a target price of 26.5 HKD based on the adjusted net profit forecast [3][9]

金十数据5月26日讯，恒指今早低开低走，午后维持水下震荡态势持续下探，最低见23234.27点。恒生 科技指数午后一度跌逾2%。截至收盘，恒指收跌1.35%，报23282.33点，科指收跌1.7%，报5157.65点， 恒指大市成交额达2235.2亿港元（上一交易日为2036.71亿港元）。盘面上，美股核电板块大涨带动港股 核电板块表现突出，科网股走势分化，汽车股领跌大盘，医药股回调走弱。个股方面，中核国际 (02302.HK)收涨129.78%，同程旅行(00780.HK)收涨4.39%，名创优品(09896.HK)绩后收跌18.22%，比亚 迪股份(01211.HK)收跌8.6%，宁德时代(03750.HK)收跌2.61%，小米集团(01810.HK)收跌3.21%，恒瑞医 药(01276.HK)收跌2.63%。 港股收评：恒指水下震荡收跌1.35% 汽车整车板块表现疲软 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company's core business is experiencing rapid growth, with a significant increase in profit margins. The revenue for Q1 2025 reached 4.38 billion RMB, representing a year-on-year growth of 13%. The adjusted net profit was 790 million RMB, up 41% year-on-year, exceeding the guidance range [7] - The Core-OTA segment's revenue grew by 18% year-on-year to 3.79 billion RMB, driven by strong performance in transportation ticketing and accommodation bookings, which saw revenues of 2.00 billion RMB and 1.19 billion RMB, respectively [7] - Gross margin improved to 68.7%, up 3.7 percentage points year-on-year, primarily due to the rapid growth of the Core-OTA segment and a decrease in the proportion of lower-margin vacation business [7] - The company has adjusted its profit forecasts upward due to the acquisition of Wanda Hotel Management, expecting net profits of 2.50 billion RMB, 3.01 billion RMB, and 3.52 billion RMB for 2025, 2026, and 2027, respectively [7] Financial Summary - Total revenue projections are 11.896 billion RMB for 2023, 17.341 billion RMB for 2024, and 19.805 billion RMB for 2025, with year-on-year growth rates of 80.67%, 45.77%, and 14.21% respectively [1] - The net profit attributable to shareholders is forecasted to be 1.554 billion RMB for 2023, 1.974 billion RMB for 2024, and 2.504 billion RMB for 2025, with year-on-year growth rates of 1,164.41%, 27.04%, and 26.80% respectively [1] - The latest diluted EPS is projected to be 0.67 RMB for 2023, 0.85 RMB for 2024, and 1.07 RMB for 2025, with corresponding P/E ratios of 28.28, 22.26, and 17.56 [1]

Investment Rating - The report maintains a "Buy" rating for Tongcheng Travel (00780.HK) [1] Core Insights - The company's core business is experiencing rapid growth, with significant improvements in profit margins. The revenue for Q1 2025 reached 4.38 billion RMB, a year-on-year increase of 13%, while the adjusted net profit was 790 million RMB, up 41% year-on-year, exceeding guidance [7] - The Core-OTA segment's revenue grew by 18% to 3.79 billion RMB, driven by strong performance in transportation ticketing and accommodation bookings, which saw revenues of 2.00 billion RMB and 1.19 billion RMB respectively, reflecting year-on-year increases of 15% and 23% [7] - Gross margin improved to 68.7%, up 3.7 percentage points year-on-year, attributed to the rapid growth of the Core-OTA segment and a decrease in the proportion of lower-margin vacation business [7] - The report projects net profits for 2025-2027 to be 2.50 billion RMB, 3.01 billion RMB, and 3.52 billion RMB respectively, with corresponding P/E ratios of 18, 15, and 13 times [7] Financial Projections - Total revenue is forecasted to grow from 11.896 billion RMB in 2023 to 25.418 billion RMB by 2027, with a compound annual growth rate (CAGR) of approximately 13% [1] - The adjusted net profit is expected to increase from 1.554 billion RMB in 2023 to 3.516 billion RMB in 2027, reflecting a CAGR of around 16.99% [1] - The earnings per share (EPS) is projected to rise from 0.67 RMB in 2023 to 1.51 RMB in 2027 [1]

Group 1 - The core viewpoint of the article is that Tongcheng Travel's Q1 adjusted net profit increased by 41% year-on-year, exceeding expectations, indicating effective company strategies despite challenges [1] - The report highlights that the company's focus on lower-tier city users has allowed it to outperform peers in the short term [1] - The company continues to emphasize further monetization and improving the return on investment for its sales and marketing efforts, which is expected to support its profit margins [1] Group 2 - The report expresses increased confidence in Tongcheng Travel achieving a 20% year-on-year growth in net profit for the year, even without accounting for the planned acquisition of Wanda Hotel Management [1] - The target price for Tongcheng Travel has been slightly raised from HKD 23.3 to HKD 23.6, maintaining a buy rating [1]

Investment Rating - The report maintains a "Buy" rating for the company [1][9]. Core Insights - The company has shown continuous improvement in profit margins, with a focus on international expansion performance [3][6]. - In Q1 2025, the company achieved revenue of 4.4 billion yuan, representing a year-over-year increase of 13%, and an adjusted net profit of 790 million yuan, up 41% year-over-year, with an adjusted net profit margin of 18%, an increase of 3.6 percentage points year-over-year [5][6]. Financial Performance - The core online travel platform generated revenue of 3.8 billion yuan in Q1 2025, a year-over-year increase of 18%, with an operating profit margin of 29.2%, up 6.6 percentage points year-over-year [6]. - Revenue from transportation ticketing reached 2 billion yuan, up 15% year-over-year, benefiting from increased demand and enhanced value-added services [6]. - Accommodation bookings generated 1.2 billion yuan in revenue, a 23% year-over-year increase, with international hotel night volume growing over 50% [6]. - The vacation business faced short-term revenue pressure, generating 590 million yuan, down 11.8% year-over-year, due to safety issues in Southeast Asia [6]. User Metrics - The average monthly paying user count reached 46.5 million, a 9.2% year-over-year increase, with annual paying users totaling 247 million, up 7.8% year-over-year [6]. - Over 87% of registered users reside in non-first-tier cities in China, with 68% of new paying users from these areas, reinforcing the platform's position in the mass market [6]. Future Projections - Revenue forecasts for 2025-2027 are adjusted to 19.3 billion, 22.1 billion, and 24.9 billion yuan respectively, with net profits projected at 2.7 billion, 3.0 billion, and 3.5 billion yuan [8]. - The target market capitalization for 2025 is set at 51.4 billion yuan, with a target price of 24 HKD per share [8].

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Insights - The company reported a revenue of 4.377 billion yuan in Q1 2025, representing a year-on-year increase of 13.2%, and an adjusted net profit of 788 million yuan, up 41.1% year-on-year [1]. - The core OTA revenue reached 3.792 billion yuan in Q1 2025, with a robust year-on-year growth of 18.4% [2]. - The gross profit margin for Q1 2025 was 68.8%, an increase of 3.8 percentage points year-on-year, driven by revenue growth and scale effects [3]. - The company announced an agreement to acquire 100% of the shares of Wanda Hotel Management (Hong Kong) on April 17, 2025, which is expected to enhance its high-end hotel management capabilities [3]. Revenue and Profitability Summary - The company's revenue from accommodation bookings in Q1 2025 was 1.19 billion yuan, up 23.3% year-on-year, primarily due to an increase in take rate and cross-selling rates [2]. - Traffic ticket revenue reached 2 billion yuan in Q1 2025, a year-on-year increase of 15.2%, supported by the expansion of international ticket sales [2]. - Other business revenue was 603 million yuan, reflecting a 20.0% year-on-year growth, driven by hotel management and advertising services [2]. - The adjusted net profit margin for Q1 2025 was 18.0%, up 3.6 percentage points year-on-year [3]. Financial Forecast and Valuation - The report forecasts adjusted net profits of 3.393 billion yuan, 4.060 billion yuan, and 4.647 billion yuan for the years 2025, 2026, and 2027, respectively [4]. - The current stock price corresponds to adjusted P/E ratios of 13, 11, and 10 for the years 2025 to 2027 [4].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HK$24.00, representing a potential upside of 17.1% from the current price of HK$20.50 [5]. Core Insights - The company reported a strong performance in Q1 2025, with total revenue of RMB 4.4 billion, a year-on-year increase of 13%, exceeding both the report's and Bloomberg's expectations by 0.7% and 0.9% respectively. Adjusted net profit reached RMB 788 million, up 41% year-on-year, also surpassing forecasts [1][2]. - The core OTA business revenue was RMB 3.8 billion, accounting for 86.6% of total revenue, with a year-on-year growth of 18.4%, driven by strong performance in transportation ticketing and other services [2]. - The report anticipates stable growth in profits for the full year, with a projected 25% increase in operating profit and an 18% rise in non-GAAP net profit for the core OTA business in 2025 [1]. Summary by Sections Q1 2025 Performance - Total revenue was RMB 4.4 billion, a 13% increase year-on-year, with adjusted net profit at RMB 788 million, reflecting a 41% growth [1]. - The core OTA business saw revenue of RMB 3.8 billion, up 18.4% year-on-year, driven by growth in transportation ticketing and accommodation services [2]. Q2 2025 Outlook - For Q2 2025, total revenue is expected to reach RMB 4.7 billion, a 10% year-on-year increase, with core OTA revenue projected to grow by 13% [3]. - The report notes that while core OTA revenue growth may slow due to seasonal factors, a recovery is anticipated in the second half of the year [3]. Profitability and Margins - The overall operating margin improved to 18.7% in Q1 2025, up from 11.8% in Q1 2024, with the core OTA business margin expanding to 29.2% [4]. - The report predicts continued expansion of the core OTA's non-GAAP operating margin to 25.5% in Q2 2025, supported by healthy revenue growth and optimized sales and marketing expenses [4]. Financial Projections - Revenue projections for 2025-2027 have been slightly adjusted downwards by 2%, while non-GAAP net profit expectations remain largely unchanged [1][12]. - The company is expected to achieve total revenues of RMB 19.5 billion in 2025, with a year-on-year growth rate of 12.4% [10].

Group 1 - The core viewpoint of the article highlights that Tongcheng Travel's stock has risen over 10% following its financial results for the first quarter [1] - In the first quarter, Tongcheng Travel achieved revenue of approximately 4.377 billion yuan, representing a year-on-year growth of 13.2% [1] - The adjusted net profit for the same period was about 788 million yuan, showing a significant year-on-year increase of 41.1% [1]

Core Viewpoint - Tongcheng Travel's performance is steadily growing driven by the release of public travel demand, AI technology revolution, and global expansion [1][4] Financial Performance - In Q1 2025, Tongcheng Travel achieved revenue of 4.377 billion yuan, a year-on-year increase of 13.2%; adjusted EBITDA reached 1.159 billion yuan, up 41.3% [2][3] - The company reported a 40% year-on-year increase in international ticket sales and a 50% increase in international hotel night stays [2] Business Segments - The three core business segments of transportation, accommodation, and vacation all experienced double-digit growth in Q1 2025, with transportation revenue increasing by 15.2% to 2 billion yuan, accommodation revenue rising by 23.3% to 1.19 billion yuan, and vacation revenue growing by 20% to 603 million yuan [1][2] - The annual service user count reached 1.96 billion, with annual paying users hitting a record high of 247 million [2] AI Integration - Tongcheng Travel has advanced its AI capabilities, achieving a 43% improvement in efficiency and an 80% increase in booking efficiency through the integration of "Chengxin AI" and DeepSeek [3] - The AI system can generate personalized travel plans based on user input, enhancing user experience and operational efficiency [3] Market Outlook - The CEO of Tongcheng Travel expressed optimism about the growing travel market, particularly among non-first-tier city consumers, and plans to continue focusing on the mass travel market while enhancing AI capabilities [4]