2024 年 05 月 25 日 公司研究 评级：买入 (维持 ) 研究所： [Table_Title] 核心业务稳健增长，推进国际及垂直扩张 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（ ） 财报点评 0780.HK 2024Q1 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5月21日公司公告2024Q1财报，2024Q1公司实现收入38.7 亿元（yoy+49.5%），主要受市场上升趋势以及公司的战略扩张计划推动； 实现经调整净利润5.6 亿元（yoy+11%），实现经调整净利润率 14.4% （yoy-5pct），主要受度假业务的并表影响；实现总交易额 659 亿元 (yoy+15.2%）。 我们的观点 : 相对恒生指数表现 2024/05/24  核心在线旅游平台：国际业务恢复亮眼。2024Q1核心在线旅游平台 表现 1M 3M 12M 实现营收32亿元（yoy+23.9 ...

Key Points Industry and Company 1. **Industry**: Chinese domestic travel market 2. **Company**: Tongcheng Travel 3. **Focus**: Expansion strategy, user growth, and financial performance Core Views and Arguments 1. **Market Growth**: The Chinese travel industry is experiencing a strong recovery and sustained growth, driven by diverse consumer preferences and robust demand [doc id='1']. 2. **Business Expansion**: The company is consolidating its domestic market position and expanding globally, exploring new business opportunities, and diversifying its product and service offerings [doc id='1']. 3. **Transportation Growth**: Transportation volume and revenue reached new highs, with domestic traffic growing by approximately 30% year-on-year in Q1 2024 [doc id='2']. 4. **International Expansion**: International ticket sales grew by over 260%, driven by demand for travel to Southeast Asia, Japan, and South Korea [doc id='2']. 5. **Hotel Business**: The hotel business, including both hotel management and travel, is a key component of the company's vertical expansion strategy [doc id='2']. 6. **User Growth**: The company has diversified its traffic sources, expanding its user base and achieving significant growth in its independent app [doc id='4']. 7. **Black Whale Membership**: The Black Whale membership program has seen rapid growth, with over 55 million members as of March 31, 2024 [doc id='5']. 8. **Financial Performance**: The company achieved a 29.6% increase in gross profit and a 22.6% profit margin in Q1 2024, driven by strong growth in its core OTA business and new travel business [doc id='6']. 9. **OTA Business**: The OTA business achieved a 7.24 billion yuan operating profit and a 22.6% profit margin in Q1 2024, lower than the previous year due to increased investment in international business [doc id='7']. 10. **International Business**: The company is focusing on expanding its international business, particularly in destinations such as Thailand, South Korea, Malaysia, Singapore, and Japan [doc id='11']. Other Important Points 1. **Cross-selling**: The company achieved a 11% cross-selling rate in Q1 2024, with domestic room nights growing by approximately 10% year-on-year [doc id='2']. 2. **Hotel Management Business**: The company has a portfolio of hotel brands ranging from low to high stars, and the hotel management business is expanding rapidly, with over 1,600 hotels in operation and over 800 more in the pipeline [doc id='2']. 3. **Travel Business**: The travel business, operated through offline travel agency stores, includes packaged tour products developed in-house and requires deep cooperation with TSPs [doc id='3']. 4. **User Acquisition and Engagement**: The company is focusing on diversifying its user acquisition channels, optimizing its app, and investing in brand advertising to strengthen its brand image [doc id='13']. 5. **Capital Allocation**: The company plans to allocate capital to support its organic growth strategy, including technology development, new product and service launches, market expansion, and internal efficiency improvements [doc id='14']. Conclusion Tongcheng Travel is experiencing strong growth in the Chinese travel industry, driven by a robust recovery and sustained demand. The company is expanding its business both domestically and internationally, diversifying its product and service offerings, and focusing on user growth and engagement. The company's financial performance is strong, with significant growth in its core OTA business and new travel business.

股 票 研 究 [Table_industryInfo] 社会服务业 [ Table_Main[ 同 TIna 程fbole] 旅 _T 行itle （] 0780） [评Tab级le_：Inv est] 增持 当前价格（港元）： 18.48 业绩符合预期，加码国际业务投入 2024.05.23 海 ——同程旅行 2024Q1 业绩点评 [ 交Ta易bl数e_据M arket] 外 刘越男(分析师) 于清泰(分析师) 52周内股价区间（港元） 13.56-22.30 公 021-38677706 021-38022689 当前股本（百万股） 2,276 当前市值（百万港元） 42,056 司 liuyuenan@gtjas.com yuqingtai@gtjas.com 证书编号 S0880516030003 S0880519100001 （ [ Table_PicQuote] 中 本报告导读： 52周内股价走势图 国 24Q1业绩符合预期，国际业务投入加大对核心OTA利润率有影响，继续受益国内及 同程旅行 恒生指数 香 低线出游景气度提升。 41% 摘要： 港 28% ） [T abl维e_S持um“m增 ...

证券研究报告 | 2024年05月23日 同程旅行（00780.HK） 增持 下沉市场变现能力强化，出境游投放加码 核心观点 公司研究·财报点评 2024年一季度OTA业务收入维持良好增长，利润率同比有所回落。2024Q1 社会服务·旅游及景区 公司实现收入38.7亿元、归母净利润4.0亿元、经调整净利润5.6亿元， 证券分析师：曾光 证券分析师：钟潇 同比分别增长49.5%/5.0%/10.9%。其中：1）OTA平台收入实现32.1亿元， 0755-82150809 0755-82132098 zengguang@guosen.com.cn zhongxiao@guosen.com.cn 同比增长23.9%，国内下沉市场线上化渗透仍在持续演绎；盈利能力同比下 S0980511040003 S0980513100003 滑，主要系公司自去年下半年起逐步进入海外投资周期，同时国内APP端获 证券分析师：张鲁 联系人：杨玉莹 客营销增加，Q1 OTA平台经营性利润率为22.6%，同比下降3.7pct。2）度 010-88005377 0755-81982942 zhanglu5@guosen.com.cn yan ...

Investment Rating - The report maintains a "Buy" rating for Tongcheng Travel (0780.HK) [2][3] Core Views - Tongcheng Travel's Q1 2024 financial performance shows significant growth, with revenue reaching 3.866 billion RMB, a year-on-year increase of 49.5%. Gross profit was 2.514 billion RMB, up 29.57%, while operating profit slightly decreased by 2.23% to 455 million RMB. The net profit for the period was 400 million RMB, reflecting a 5.6% increase year-on-year [2] - The company continues to see steady growth in paid users and service interactions, with a total of 229 million paid users, a 14.3% increase year-on-year, and cumulative service interactions reaching 1.827 billion, up 57.4% [2] - The report highlights the company's focus on non-first-tier cities as a key growth area, with over 87% of registered users residing in these areas. The company effectively utilizes traffic strategies and operational capabilities to tap into the mass market [2] Financial Performance Summary - For Q1 2024, the core online travel platform generated revenue of 964 million RMB, a 15.63% increase year-on-year. Transportation ticketing revenue was 1.737 billion RMB, up 25.59%, while other business revenue increased by 36.02% to 502 million RMB. Additionally, the newly added vacation business generated 663 million RMB in revenue [2] - The report notes a significant increase in sales costs and marketing expenses, with sales costs rising by 109.44% and marketing costs increasing by 41.60% year-on-year, primarily due to higher costs associated with vacation services and increased employee benefits [2] - The projected net profit for the company for 2024-2026 is estimated at 2.062 billion RMB, 2.723 billion RMB, and 3.369 billion RMB, respectively, with corresponding PE ratios of 19x, 14x, and 12x [3]

Table_Title Table_BaseInfo 2024 年 05 月 23 日 公司动态分析 同程旅行（0780.HK） 证券研究报告 核心 OTA 业务稳健增长；维持全年净利润预测 xxxx 在线旅行 同程旅行 1 季度业绩略超预期，核心 OTA 业务收入同比增 24%，度假业务贡献 6.6 投资评级： xx 买入 亿元收入增量，国际业务投入加大使得核心OTA经营利润率同比下降，度假业务中 xx 长期经营利润率预计为中低个位数。我们维持全年经调整净利润预测不变，维持目 标价23.3港元及 “买入”评级。 目标价格： 23.3 港元 报告摘要 现价 (2024-05-22)： 18.48港元 1季度业绩略超预期：总收入38.7亿元，同比增49%，略超我们/市场预期4%/3%， 其中核心OTA业务收入同比增24%（其中交通票务/住宿预订服务同比增26%/16%）， 度假业务自1Q24开始完整季度并表，贡献6.6亿元收入增量（总收入占比17%）。 总市值(百万港元) 42,056 经调整净利润5.6亿元，同比增11%，略超市场预期4%，利润率14.4%，同比/环比 流通市值(百万港元) 21,344 下降 ...

浦银国际研究 公司研究 | 互联网行业 同程旅行（780.HK）：核心业务稳健 赵丹 浦 增长，利润率受并表影响下滑 首席互联网分析师 银 dan_zhao@spdbi.com 国 (852) 2808 6436  收入好于预期，利润率下滑：公司一季度收入人民币38.7 亿元，同 际 比增长 50%，高于市场预期3%；调整后净利润为5.0 亿元，低于市 杨子超，CFA 场预期 6%，调整后净利率为14.4%，去年同期为19.5%，主要受度 互联网分析师 假业务并表影响。 charles_yang@spdbi.com (852) 2808 6409 核心 OTA 增速或先低后高，利润率受度假并表拖累：一季度交易额  为人民币 659 亿元，同比增长15.2%，主要由ARPPU增长推动，同比 2024年5月22日 增 12%，平均月付费用户同比略增 2.9%至 4,260 万。核心 OTA 收入 评级 公 32.1 亿元，同比增长24%。住宿预订服务收入为 9.6 亿元，同比增长 司 16%，国内酒店间夜量同比增长 10%，交叉销售率持续提升至 11%。 目标价（港元） 24 研 ...

M N 22 May 2024 CMB International Global Markets | Equity Research | Company Update Tongcheng Travel (780 HK) Resilient travel consumption to continue Target Price HK$26.10 Tongcheng Travel (“TC”) delivered a strong quarter in 1Q24, with revenue Up/Downside 23.1% +50% YoY (3% above consensus) and adj. net profit +11% YoY (4% above Current Price HK$21.20 consensus). We see high visibility for TC to continuously gain share in 2Q24E, with healthy margin profile. For 2Q24E, we forecast total revenue China Enter ...

交银国际研究 公司更新 互联网 收盘价 目标价 潜在涨幅 2024年5月22日 港元21.20 港元25.00↑ +17.9% 同程旅行 (780 HK) 1 季度利润符合预期；预计下半年增速较上半年更高  2024年1季度业绩：收入39亿元（人民币，下同），同比增49.5%，超过 个股评级 我们/彭博市场预期5%/3%。其中，核心OTA业务收入增24%（交通/住宿 买入 +26%/16%），度假业务收入 6.6 亿元。调整后净利润 5.6 亿元，同比增 11%，高于我们/彭博市场预期2%/4%，对应净利率14%，较去年同期的 19%下降，因并表的度假业务利润率较低。调整后营销费用同比增41%， 1年股价表现 主要由于市场恢复下营销活动增加，占收比35%，环比稳定。 780 HK 50% MSCI中国指数 40%  1季度业绩亮点：1）GMV 同比增15%，APU增14%至2.29亿。2）交通： 30% 內地机票票量同比增 30%，海外业务扩张战略下国际机票票量大幅增 20% 10% 260%+。3）住宿：内地酒店间夜量同比增10%，得益于持续拓展多元化住 0% -10% 宿场景及交叉销售率提升。海外间夜 ...

Financial Performance - Revenue increased by 49.5% year-on-year to RMB 3,866.3 million for the three months ended March 31, 2024, compared to RMB 2,586.1 million in the same period of 2023[4] - Adjusted EBITDA rose by 12.0% year-on-year to RMB 820.2 million, with an adjusted EBITDA margin decreasing to 21.2% from 28.3%[4] - Adjusted net profit increased by 10.9% year-on-year to RMB 558.5 million, with an adjusted net profit margin decreasing to 14.4% from 19.5%[4] - Total revenue increased by 49.5% from RMB 2,586.1 million in Q1 2023 to RMB 3,866.3 million in Q1 2024[30] - Revenue from the core online travel platform rose by 23.9% to RMB 3,203.3 million, driven by increased demand for accommodation and transportation services[32] - Accommodation booking service revenue grew by 15.6% to RMB 964.7 million, while transportation ticketing service revenue increased by 25.6% to RMB 1,736.5 million[30] - The company reported a net profit of RMB 400.3 million for the three months ended March 31, 2024, compared to RMB 378.9 million for the same period in 2023[53] - Total comprehensive income for the period was RMB 399,626,000, up from RMB 365,701,000, reflecting a growth of 9.3% year-over-year[55] User Growth and Engagement - Average monthly paying users grew by 2.9% year-on-year to 42.6 million, while annual paying users increased by 14.3% to 229.3 million[4] - Total service users for the twelve months ended March 31, 2024, reached 1,826.7 million, a 57.4% increase year-on-year[4] - The company continues to expand its user base, with approximately 87% of registered users residing in non-first-tier cities in China[15] Business Development and Strategy - The company is implementing effective strategies to accelerate business development and expand market share in the growing Chinese travel market[14] - Future strategies include expanding the international footprint, enhancing hotel management and vacation business, and seeking investment opportunities aligned with strategic goals[27] - The company is focused on integrating Tongcheng Travel Group, which has approximately 500 travel agency outlets nationwide, to enhance its vertical expansion strategy[22] Revenue Streams - In Q1 2024, transportation ticketing service revenue increased by 25.6% year-on-year to RMB 1,736.5 million, driven by a surge in ticket volume and enhanced value-added products[19] - Domestic flight sales grew by 30% year-on-year, while international flight sales experienced over 260% growth, attributed to effective international expansion strategies[19] - Accommodation business revenue rose by 15.6% year-on-year to RMB 964.7 million, with domestic hotel room nights sold increasing by 10%[21] - International hotel room nights sold increased by over 150% year-on-year, supported by increased market investment and enhanced user interaction[21] - Other business revenue grew by 36.0% year-on-year to RMB 502.2 million, driven by strong performance in advertising, the Black Whale membership program, and hotel management[21] Cost and Expenses - Sales cost surged by 109.4% from RMB 645.3 million to RMB 1,351.5 million, with the sales cost as a percentage of revenue rising from 24.9% to 34.8%[35] - Service development expenses increased by 18.4% to RMB 486.8 million, with the proportion of these expenses to revenue decreasing from 15.2% to 11.9%[36] - Sales and marketing expenses rose by 41.6% to RMB 1,368.2 million, with the proportion of these expenses to revenue decreasing from 37.0% to 35.0%[37] - Administrative expenses increased by 38.0% to RMB 265.3 million, maintaining a proportion of 5.1% of revenue[38] Cash Flow and Assets - Cash and cash equivalents at the end of the period increased to RMB 7,780,784,000, compared to RMB 5,192,398,000 at the end of December 2023, representing a 50.0% increase[60] - The net cash generated from operating activities was RMB 484,472,000, down from RMB 874,187,000, indicating a decline of 44.7% year-over-year[60] - Non-current assets totaled RMB 17,108,523,000 as of March 31, 2024, compared to RMB 16,816,963,000 at the end of December 2023, showing a growth of 1.7%[57] - The total assets of the company reached RMB 33,673,317,000, an increase from RMB 31,716,609,000, reflecting a growth of 6.2%[58] - The company reported a significant increase in cash flow from investing activities, with a net cash inflow of RMB 1,235,615,000 compared to an outflow of RMB 190,922,000 in the previous year[60] Corporate Governance and Leadership - The board of directors consists of executive directors and independent non-executive directors, including the CEO Ma Heping[67] - The company is led by co-chairmen Wu Zhixiang and Liang Jianzhang, indicating a strong leadership structure[67] - The company is focused on strategic decision-making and governance through its board composition[67] - The presence of independent directors highlights the company's commitment to corporate governance and accountability[67] - The executive team includes experienced members, which may enhance operational efficiency and strategic execution[67] - The leadership structure may facilitate effective communication and decision-making processes[67] - The board's composition reflects a balance of executive and independent oversight, which is crucial for stakeholder confidence[67] - The announcement indicates ongoing corporate governance practices that align with market expectations[67]