Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 18, representing a potential upside of 37% from the current price of HKD 13.12 [2][4]. Core Insights - The company's 2Q24 revenue reached RMB 4.25 billion, a year-on-year increase of 48%, aligning with expectations. Adjusted net profit was RMB 660 million, exceeding market expectations by 4%, with an adjusted net profit margin of 15.5%, down 5.2 percentage points year-on-year, primarily due to the consolidation of vacation business [2]. - The core OTA segment showed steady growth, with a transaction volume of RMB 62.3 billion, up 4.4% year-on-year, driven by an increase in ARPPU. The average monthly paying users slightly increased by 0.7% to 42.5 million. Core OTA revenue was RMB 3.53 billion, a 23% year-on-year increase, with an operating profit margin of 24.3% [2]. - International business remains a strong growth driver, with international hotel night volume increasing by 140% and international ticket volume by 160% year-on-year in 2Q24. The company expects continued strong growth in international business, which currently accounts for less than 5% of total revenue [2]. Financial Summary - The company’s revenue forecast for FY24E is adjusted to RMB 17.3 billion, with FY25E projected at RMB 20.1 billion. The adjusted net profit for FY24E is estimated at RMB 2.56 billion, increasing to RMB 3.02 billion in FY25E [3][6]. - The financial model indicates a gradual improvement in profit margins, with the adjusted net profit margin expected to rise from 14.8% in FY24E to 16.2% in FY25E [7]. - The company’s total assets are projected to grow from RMB 38.15 billion in FY24E to RMB 47.79 billion in FY25E, reflecting a robust growth trajectory [7].

证券研究报告 | 2024年08月22日 核心观点 公司研究·财报点评 证券分析师：曾光 证券分析师：钟潇 0755-82150809 0755-82132098 zengguang@guosen.com.cn zhongxiao@guosen.com.cn S0980511040003 S0980513100003 证券分析师：张鲁 证券分析师：杨玉莹 010-88005377 zhanglu5@guosen.com.cn yangyuying@guosen.com.cn S0980521120002 S0980524070006 收盘价 13.90 港元 总市值/流通市值 32318/32318 百万港元 52 周最高价/最低价 22.34/12.38 港元 近 3 个月日均成交额 145.84 百万港元 | --- | --- | |----------|----------------| | 基础数据 | | | 投资评级 | 优于大市(维持) | | 合理估值 | | | 市场走势 | | | --- | --- | --- | --- | --- | --- | |---------------- ...

股价表现 2024 年 08 月 21 日 同程旅行（0780.HK） 业绩符合预期；核心 OTA 利润率下半年有望提升 同程旅行 2 季度业绩符合预期，收入增速快于 GMV 增速，整体变现率提升明 显。核心 OTA 收入同比增 23%，经营利润率 24.3%；度假业务贡献 8.6 亿收入增 量。展望下半年，我们预计核心 OTA 业务收入稳健增长，经营利润率或随营销 效率优化而提升，故维持全年净利润预测。考虑市场环境变化，下调估值倍数， 目标价调整至 18.8 港元，维持买入评级。 报告摘要 2 季度业绩符合预期：总收入 42.5 亿元，同比/环比增 48%/10%，符合我们及市 场预期，核心 OTA 业务收入同比增 23%（其中交通票务/住宿预订服务同比增 17%/13%），度假业务贡献收入增量 8.6 亿元，环比增 9%，收入占比环比持平在 17%。整体收入增速快于 GMV 增速（+4%），整体变现率提升至 6.8%，对比 2Q23/1Q24 为 4.8%/5.9%。营销/研发/行政费用占收入比同比降 3.3%/3.3%/ 0.8%， 受益于 ROI 导向营销策略及运营效率优化，带动经调整净利润同比增 1 ...

海 外 公 司 （ 中 国 香 港 ） 国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 补贴收紧关注利润，盈利能力有望改善 同程旅行(0780) [Table_Industry] 社会服务业 [Table_Invest] 评级： 增持 股票研究 /[Table_Date] 2024.08.21 同程旅行 2024Q2 业绩点评 | --- | --- | |----------|---------------------| | | 于清泰(分析师) | | | 021-38022689 | | | yuqingtai@gtjas.com | | 登记编号 | S0880519100001 | 本报告导读： 业绩符合预期，收益管理补贴收紧支撑业绩逆势稳定增长，盈利能力有望环比改善。 投资要点： [Table_Summary] 维持"增持"评级。考虑行业景气度，下调公司 24/25/26 年经调整 归母净利润至 26.17/30.93/36.17（-0.98/-1.98/-4.09）亿元人民币（下 同），给予 2025 年行业平均 1 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Insights - The company's Q2 2024 performance met expectations, with total revenue reaching 4.245 billion yuan, a year-on-year increase of 48.1%. The net profit attributable to shareholders was 434 million yuan, up 21.9% year-on-year [3] - The core OTA segment showed steady growth, with transportation ticketing and accommodation booking revenues of 1.743 billion yuan and 1.191 billion yuan, respectively, reflecting year-on-year increases of 16.6% and 12.8% [3] - The company signed a three-year strategic cooperation and marketing agreement with Tencent, aiming to enhance user acquisition through various channels, particularly in lower-tier cities [3][4] Financial Performance Summary - For 2024Q2, the adjusted EBITDA was 914 million yuan, a year-on-year increase of 13.4%, while the adjusted net profit was 657 million yuan, up 10.9% year-on-year [3] - The gross margin for Q2 2024 was 64.6%, down 10.8 percentage points year-on-year, attributed to the lower margin from the newly added vacation business segment [3] - The company expects net profits for 2024-2026 to be 1.98 billion yuan, 2.77 billion yuan, and 3.46 billion yuan, respectively, with corresponding P/E ratios of 14, 10, and 8 times [4] Market Data - The closing price of the company's stock is 13.12 HKD, with a market capitalization of approximately 30.5 billion HKD [5] - The company has a price-to-book ratio of 1.65 and a total share capital of approximately 2.325 billion shares [5][6] User Engagement Metrics - As of the end of Q2 2024, the company had 228 million annual paying users and 1.856 billion annual service users, with a year-on-year increase of 4.8% and 29.9%, respectively [3]

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） （股份代號：0780） 截至二零二四年六月三十日止三個月及六個月之業績公告 本公司董事會欣然公佈本集團截至二零二四年六月三十日止三個月及六個月未經 審核綜合業績，連同二零二三年同期比較數字。 截至二零二四年六月三十日止三個月 1 • 收入由二零二三年第二季度的人民幣2,866.3百萬元同比增加48.1%至二零二 四年同期的人民幣4,245.4百萬元。 • 經調整EBITDA由二零二三年第二季度的人民幣805.8百萬元增加13.4%至二 零二四年第二季度的人民幣913.5百萬元。經調整EBITDA利潤率由二零二三 年第二季度的28.1%下降至二零二四年同季度的21.5%。 • 經調整溢利淨額由二零二三年第二季度的人民幣592.4百萬元增加10.9%至二 零二四年同季度的人民幣656. ...

浦银国际研究 财务模型更新 | 互联网行业 同程旅行（780.HK）：核心业务预计 稳健增长，暑期出游呈现量涨价跌 随着行业需求稳健复苏，我们预计公司二季度收入同比增长 48%至人 民币 42.5 亿元，基本符合我们先前预期。其中，我们预计住宿收入同 比增长 14%，交通票务收入同比增长 16%，度假业务收入预计达到 7.2 亿元。由于度假业务利润率较低，以及公司加大海外业务投资，我们 预计二季度调整后净利润同比增长 4.1%至 6.2 亿元，调整后净利率同 比下降 6.2pp 至 14.5%。随着高基数效应消退，我们预计公司下半年核 心 OTA 同比增速或快于上半年。 暑期旅游需求保持良好势头，根据民航局预测，暑期旅客运输总量有 望达到 1.33 亿人次，较 2019 年增长 10%。出境游需求强劲，国际航 线运力明显提升，国际酒店供应链基本恢复到 2019 年水平。根据航旅 纵横大数据，暑运前半个月，出入境旅客运输量同比增长约 70%。随 着供应端的快速改善，机票及酒店的平均价格同比有所下滑，逐步回 归至常态，这也有助于刺激出行需求，利于行业的可持续增长。 考虑到近期行业平均估值的变化，我们调整目标价至 ...

M N 2024 年 6 月 17 日 招银国际环球市场 | 睿智投资 | 公司更新 同程旅行 (780 HK) 端午韧性增长持续，憧憬 2H24E 利润率回升 目标价 26.10港元 我们于上周举办同程非交易性路演，公司分享了近期端午 OTA 业务趋势，并围绕 潜在升幅 56.1% 海外业务拓张、用户多渠道战略、酒店 ADR 趋势、利润率展望等维度展开探讨。 当前股价 16.72港元 同程端午期间酒店及交通增速均好于大盘，预计 2Q24E 业绩向好，且对全年财务 中国传媒文娱 指引保持乐观。投资人普遍认可公司业务增长及市占提升逻辑，核心顾虑为潜在 黄 群 利润摊薄。我们认为市场对利润率趋势存在过度反应，源于: 1) 海外业务投入摊薄 (852) 3900 0889 影响将于2H24E逐渐减弱；2) 有别于酒店大盘ADR压力，同程酒店ADR保持稳 sophiehuang@cmbi.com.hk 定；3) 旅业利润率因业务属性较OTA存在天然差异。重申同程长期看好观点，憧 公司数据 憬2H24E收入加速增长及利润率回升提振估值，暑期出行及9/10月假期为潜在催 市值(百万港元） 38,063.8 化剂。维持“买 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [1]. Core Insights - The company has shown robust performance in its core business, with outbound travel operations beginning to gain momentum. In Q1 2024, the company achieved revenue of 3.9 billion RMB, a year-on-year increase of 50%, and a net profit of 400 million RMB, up 5% year-on-year [1]. - The company benefits from the recovery of domestic travel demand, with its core OTA business generating revenue of 3.2 billion RMB, a 24% increase year-on-year. The traffic ticketing segment reached a record high with revenue of 1.7 billion RMB, up 26% year-on-year [1][4]. - User base expansion and value release are evident, with the company serving 1.8 billion users, a 57% increase year-on-year, and a monthly active user count of 42.6 million, up 3% year-on-year [1][4]. Financial Performance - The company reported a significant recovery in financial metrics, with 2023 revenue reaching 11.9 billion RMB, an 81% increase year-on-year, and a net profit of 1.6 billion RMB, compared to a loss of 200 million RMB the previous year [4][19]. - The gross margin for Q1 2024 was 65%, down 10 percentage points year-on-year, primarily due to the different business models between online platforms and offline travel agencies [1][4]. - The adjusted net profit for 2024-2026 is projected to be 2.6 billion RMB, 3.3 billion RMB, and 4.2 billion RMB, respectively, with the current stock price corresponding to an adjusted PE of 15X, 12X, and 10X [1][17]. Market Position and Strategy - The company focuses on the lower-tier market, with 86.9% of its registered users residing in non-first-tier cities, and aims to attract younger consumers through creative marketing strategies [7][11]. - The partnership with Tencent provides a stable flow of users, with significant traffic sourced from WeChat, contributing to the company's user growth [11][12]. - The company is actively expanding its overseas business, with outbound travel revenue showing strong growth, particularly in international ticketing and hotel bookings, which increased by 260% and 150% year-on-year, respectively [15][16].

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） 2024Q1 业绩点评：业绩符合预期，其他业务 2024 年 05月 26日 高速增长 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） 6585 11896 17380 20916 24115 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 2,171.75 2,832.00 3,540.10 研究助理 王琳婧 同比(%) (120.18) 1,164.41 39.74 30.40 25.00 执业证书：S0600123070017 wanglj@dwzq.com.cn EPS-最新摊薄（元/股） (0.06) 0.68 0.95 1.24 1.56 P/E（现价&最新摊 ...