Table_Title Table_BaseInfo 2024 年 03 月 21 日 公司动态分析 同程旅行（0780.HK） 证券研究报告 4 季度业绩超预期，关注度假业务增量及用户价值释放 xxxx 在线旅行 同程旅行4季度收入/经调整净利润超市场预期11%/2%，4季度国内酒店间夜量/机 投资评级： xx 买入 票预订量较4Q19增70%/16%，APU创新高至2.35亿人。收购同程旅业加码度假业 xx 务，我们看好公司业绩稳健增长前景、度假业务增量贡献、用户价值释放，给予18 倍2024年市盈率，上调目标价至23.3港元，维持“买入”评级。 目标价格： 23.3 港元 报告摘要 现价 (2024-03-20)： 19.48港元 4 季度业绩超预期：总收入同比/较 4Q19 增 110%/61%至 31.4 亿元，超出市场预期 11%，主要因并表同程旅业（自2023年12月起）使得其他收入超预期。交通票务/ 住宿预订收入同比增95%/73%，交通票务仍贡献最大增量。经调整净利润4.8亿元， 总市值(百万港元) 44,045 略高于市场预期2%，净利润率15.3%，较3季度（18.8%）环比回落，主要因 ...

证券研究报告 | 2024年03月21日 同程旅行（00780.HK） 增持 国内继续挖潜下沉市场流量变现，海外逐步加码布局 核心观点 公司研究·财报点评 2023年公司收入较2019年增长61%，经调净利润增长42%，首次宣布派息。 社会服务·旅游及景区 2023年公司收入119.0亿元，同比增长80.7%，较2019年增长60.9%；经调 证券分析师：曾光 证券分析师：钟潇 整净利润22.0亿元，同比增长240.0%，较2019年增长42.4%，经调整净利 0755-82150809 0755-82132098 zengguang@guosen.com.cn zhongxiao@guosen.com.cn 率18.5%。其中，Q4公司收入31.4亿元，同比增长109.6%，较2019年增长 S0980511040003 S0980513100003 60.7%；经调整净利润4.8亿元，同比增长1188.3%，较2019年增长45.8%， 证券分析师：张鲁 联系人：杨玉莹 经调整净利率15.3%。整体而言，2023年公司收入增速领先行业表现，彰显 010-88005377 0755-81982942 zha ...

2024 年 03 月 20 日 公司研究 评级：买入 (维持 ) 研究所： [Table_Title] 需求高涨，收入利润及付费用户规模均再创新高 证券分析师： 陈梦竹 S0350521090003 chenmz@ghzq.com.cn 证券分析师： 张娟娟 S0350523110004 ——同程旅行（ ） 年财报点评 0780.HK 2023 zhangjj02@ghzq.com.cn 联系人 ： 罗婉琦 S0350122040042 luowq@ghzq.com.cn 最近一年走势 事件 : 2024年3月19日公司公告2023Q4及全年财报，①2023全年整体实现 营业收入119亿元（YoY+80.7%），归母净利润15.7亿元（2022年为 -1.6亿元）实现扭亏为盈，Non-GAAP净利润22亿元（YoY+240.3%）， 2023全年公司实现总交易额同比增长96.8%至2,415亿元。②2023Q4 公司实现收入31.4亿元（yoy+109.6%），超彭博一致预期9.7%；实现 经调整净利润4.8 亿元，超彭博一致预期1.9%，实现经调整净利润率 15.3%（yoy+12.8pcts）；实现总交 ...

Investment Rating - The investment rating for the company is "Buy" with a target price raised to HKD 24.00, indicating a potential upside of 27.8% from the current price of HKD 18.78 [1][8]. Core Insights - The company's quarterly performance exceeded expectations, driven by the consolidation of travel business, with revenue reaching RMB 3.1 billion, a year-on-year increase of 110% [1][2]. - The adjusted net profit for the quarter was RMB 480 million, with a net profit margin of 15%, slightly above expectations [1][2]. - The report anticipates a revenue growth of 20-25% for the full year, with a profit increase of 23% [2][3]. Financial Performance Summary - For the fiscal year ending December 31, 2023, the company is projected to generate revenue of RMB 11.896 billion, a year-on-year growth of 80.7% [3][8]. - The adjusted net profit for 2023 is expected to be RMB 2.199 billion, reflecting a significant recovery from the previous year [3][8]. - The earnings per share (EPS) for 2023 is forecasted at RMB 0.98, with a substantial year-on-year growth of 236.7% [3][8]. Revenue Breakdown - The company's revenue is expected to be driven by the traditional OTA business, with a projected 22% year-on-year growth in Q1 2024 [2][3]. - The travel segment, including transportation and accommodation, is anticipated to see significant growth, with accommodation nights increasing by 70% compared to 2019 levels [2][3]. - The overall revenue for 2024 is projected to reach RMB 17.458 billion, with a growth rate of 46.8% [3][8]. Valuation and Market Position - The report has adjusted revenue and profit forecasts for 2024 upwards by 28% and 7% respectively, maintaining a price-to-earnings ratio of 18 times for 2024 [2][3]. - The company is well-positioned to benefit from the ongoing recovery in domestic travel demand and has a competitive advantage in lower-tier markets [2][3]. - The integration of the travel business is expected to enhance resource synergy and provide long-term growth opportunities [2][3].

证券研究报告·海外公司点评·旅游及消闲设施(HS) 同程旅行（00780.HK） 2023 年报点评：营收利润超预期，受益居民 2024 年 03月 20日 出行旅游高景气 证券分析师 吴劲草 增持（维持） 执业证书：S0600520090006 wujc@dwzq.com.cn [Table_EPS] 盈利预测与估值 2022A 2023A 2024E 2025E 2026E 证券分析师 石旖瑄 营业总收入（百万元） 6,585 11,896 17,380 20,916 24,115 执业证书：S0600522040001 同比 -12.64% 80.67% 46.10% 20.34% 15.30% shiyx@dwzq.com.cn 归母净利润（百万元） -146.01 1,554.13 2,171.74 2,832.72 3,540.25 股价走势 同比 -120.18% 1,164.41% 39.74% 30.44% 24.98% EPS-最新摊薄（元/股） -0.06 0.69 0.96 1.25 1.57 同程旅行 恒生指数 P/E（现价&最新摊薄） - 25.04 17.92 13.74 10. ...

Financial Performance - Revenue for the fourth quarter of 2023 increased by 109.6% year-on-year to RMB 3,144.5 million, compared to RMB 1,500.1 million in the fourth quarter of 2022[4]. - Adjusted EBITDA for the fourth quarter of 2023 rose by 193.0% year-on-year to RMB 715.9 million, with an adjusted EBITDA margin increasing from 16.3% to 22.8%[4]. - Adjusted net profit for the fourth quarter of 2023 surged by 1,188.3% year-on-year to RMB 482.5 million, with an adjusted net profit margin increasing from 2.5% to 15.3%[4]. - Annual revenue for 2023 was RMB 11,896.2 million, reflecting an 80.7% increase from RMB 6,584.7 million in 2022[9]. - Adjusted net profit for the year 2023 increased by 240.3% year-on-year to RMB 2,199.1 million, with an adjusted net profit margin rising from 9.8% to 18.5%[9]. - The company recorded a net profit attributable to equity holders of RMB 1,554.1 million for the year ended December 31, 2023, compared to a loss of RMB 146.0 million for the year ended December 31, 2022[40]. - The company recorded a net profit attributable to equity holders of RMB 310.1 million for the three months ended December 31, 2023, compared to a loss of RMB 24.6 million for the same period in 2022[57]. - The company reported a significant increase in annual paying users, with a notable growth in monthly active users[149]. User Growth and Engagement - Average monthly paying users increased by 54.3% year-on-year to 37.5 million in the fourth quarter of 2023, up from 24.3 million in the same quarter of 2022[4]. - Average monthly paying users for the year 2023 grew by 39.1% year-on-year to 41.3 million, compared to 29.7 million in 2022[10]. - Approximately 80% of the average monthly active users in 2023 came from the WeChat mini-program, highlighting the effectiveness of the strategic partnership with Tencent[14]. Revenue Breakdown - Total transaction value for the year 2023 reached RMB 241.5 billion, a 96.8% increase from RMB 122.7 billion in 2022[10]. - The company’s transportation ticketing revenue in Q4 2023 increased by 94.9% year-on-year to RMB 1,472.8 million, driven by a surge in ticket volume and optimized value-added products[17]. - The accommodation business also showed strong growth, with revenue increasing by 73.2% year-on-year to RMB 882.5 million in Q4 2023[18]. - Accommodation booking service revenue increased by 61.5% to RMB 3,899.5 million, driven by rising demand in the recovering tourism market[27]. - Transportation ticketing service revenue rose by 78.5% to RMB 6,030.0 million, reflecting strong rebound in travel demand[28]. - Other revenue, including travel services and advertising, surged by 148.6% to RMB 1,966.7 million, indicating growth in various service offerings[29]. Strategic Initiatives and Acquisitions - The company completed the acquisition of Beijing Tongcheng Travel Investment Group in Q4 2023, aiming to strengthen its market position in the travel industry[19]. - The company also acquired 57.1656% equity of Hainan Yanuoda Yuanrong Tourism Co., Ltd. on November 30, 2023, further expanding its travel industry supply chain[79]. - The company is enhancing its digital capabilities and user experience through AI-generated content and strategic partnerships, including a collaboration with Chengdu Shuangliu Airport to develop it as a regional transit hub[20]. - The company plans to enhance user loyalty and expand its user base while transitioning from an online travel platform to a smart travel assistant[23]. - The company aims to enhance its market presence through strategic partnerships and potential acquisitions[149]. Cost and Expenses - Sales cost increased by 74.8% from RMB 1,806.6 million for the year ended December 31, 2022, to RMB 3,158.0 million for the year ended December 31, 2023, primarily due to increased transaction volume[31]. - Service development expenses rose by 28.7% from RMB 1,414.1 million for the year ended December 31, 2022, to RMB 1,820.6 million for the year ended December 31, 2023, mainly due to an increase in IT staff and related employee benefits[32]. - Sales and marketing expenses increased by 59.7% from RMB 2,801.2 million for the year ended December 31, 2022, to RMB 4,472.8 million for the year ended December 31, 2023, driven by higher advertising, promotion, and employee welfare costs[33]. - Administrative expenses remained flat at RMB 711.2 million for the year ended December 31, 2023, compared to RMB 701.1 million for the year ended December 31, 2022, with a decrease in the ratio to revenue from 6.6% to 4.1%[34]. Cash Flow and Financial Position - Cash and cash equivalents at the end of fiscal year 2023 were RMB 5.2 billion, compared to RMB 3.5 billion at the end of fiscal year 2022, indicating a 46% increase[67]. - Net cash generated from operating activities for fiscal year 2023 was RMB 4.0 billion, a significant rise from RMB 302.3 million in fiscal year 2022[68]. - The company experienced a net cash outflow from investing activities of RMB 1.8 billion in fiscal year 2023, compared to RMB 397.0 million in fiscal year 2022[68]. - The company’s financing activities resulted in a net cash outflow of RMB 592.2 million in fiscal year 2023, contrasting with a net inflow of RMB 1.5 billion in fiscal year 2022[68]. - The capital adequacy ratio as of December 31, 2023, was approximately 17.0%[72]. - Total capital expenditures for the year ended December 31, 2023, amounted to RMB 3,224.8 million, an increase from RMB 1,891.6 million in 2022[74]. Corporate Governance and Compliance - The company has adopted and complied with the corporate governance code throughout the fiscal year ending December 31, 2023[134]. - The audit committee has reviewed the financial performance for the year ending December 31, 2023, ensuring compliance with relevant accounting standards[135]. - The board consists of both executive and independent non-executive directors, ensuring diverse governance[150]. - The company is committed to adhering to the corporate governance code as outlined in the listing rules[145]. Future Outlook - The recovery of international flight capacity and relaxed visa policies are expected to significantly boost outbound travel business in 2024[22]. - The company plans to hold its 2023 Annual General Meeting on June 26, 2024, to discuss future strategies and performance[144].

转自：证券时报·e公司 e公司讯，同程旅行发布的数据显示，初一至初四，全国主要县城的酒店预订量同比增长超120%，预订量增幅较大的县城主要分布在广西、迪庆、惠州、延边、福州、湖州等城市。此外，春节假期前四天为出境游出发客流较为集中的时间段。数据显示，2月10日至13日，新加坡、曼谷、中国香港、中国澳门的酒店预订量同比增幅均在300%以上，其中，新加坡酒店预订量同比增幅超过800%。 海量资讯、精准解读，尽在新浪财经APP ...

2月4日，据中国国家移民管理局预测，今年春节假期全国口岸将迎来新一轮出入境客流高峰，日均通关人数将达180万人次，较2023年春节增长约3.3倍，与2019年春节出入境流量相当。知名旅游业杂志《TTG亚洲》(TTG Asia)写道，来自中国的游客正在激增。为了迎接中国游客，从2月10日中国春节假期开始，亚洲主要的旅游目的地都安排了充满活力的特色活动，中国游客正在重返全球旅游市场。 中国游客重返全球市场  对于从事出入境服务工作的范女士来说，今年春节是她久违的忙碌年。在历经3年的沉寂后，她感觉曾经流失的顾客正在回归，“基本每天的客户单都是满的”。 2月1日，中国旅游研究院发布的《中国出境旅游发展报告(2023-2024)》显示，预计2024年我国出境游市场规模将达到1.3亿人次，恢复到2019年的八成左右。 在今年春节期间，多家旅游线上平台的数据也显示，出境业务的预订量有明显增长，海外旅游目的地的检索量达近4年来的峰值。携程国际版Trip.com数据显示，截至今年1月中旬，春节假期中国出境游预订量已超过2023年的10倍。旅游平台飞猪数据显示，其平台上的预订量同比去年增长超15倍。同程旅行数据显示，2024年春 ...

智通财经APP获悉，同程旅行(00780)现涨超4%，截至发稿，涨4.23%，报16.74港元，成交额3359.19万港元。 消息面上，1月25日，中国和新加坡在北京签署相关协定，自2024年2月9日(农历除夕)起，双方持普通护照人员可免签入境国家从事旅游、探亲、商务等私人事务，停留不超过30日。同程旅行数据显示，消息发布半小时内，同程旅行平台新加坡相关搜索热度较前日同一时段上涨340%，春节假期期间往返新加坡的机票搜索量较前日同一时段上涨超过5倍。 招商证券此前指出，国内OTA行业得益于在线化率的提升，市占率稳步增长，每年在线化率提升约3-4%，目前高线城市的在线化率超过50%，逐渐接近饱和，低线城市在线化率目前20%，长期来看，出海有望助力OTA企业进一步扩容，尤其是东南亚地区具有非常广阔的前景，看好短期国际旅游市场复苏，预计明年东南亚旅游GMV将完全恢复至疫前水平，中长期来看，类似于印尼、越南等东南亚各国，OTA的使用率大概40%-60%，未来也同样拥有比较广泛的提升空间。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因依 賴該等內容而引致的任何損失承擔任何責任。 Tongcheng Travel Holdings Limited 同 程 旅 行 控 股 有 限 公 司 （於開曼群島註冊成立的有限公司） （股票代碼：0780） 截至二零二三年九月三十日止三個月之業績公告 本公司董事會欣然公佈本集團截至二零二三年九月三十日止三個月未經審核綜合 業績，連同二零二二年同期比較數字。 截至二零二三年九月三十日止三個月 • 收入由二零二二年第三季度的人民幣2,048.0百萬元同比增加61.1%至二零二 三年第三季度的人民幣3,299.3百萬元。 • 經調整EBITDA由二零二二年第三季度的人民幣462.2百萬元增加88.2%至二 零二三年第三季度的人民幣870.0百萬元。經調整EBITDA利潤率由二零二二 年第三季度的22.6%增加至二零二三年第三季度的26.4%。 • 經調整溢利淨額由二零二二年第三季度的人民幣251.7百萬元增加146.5%至二 零二三年第三季度的人民幣 ...