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]

Financial Performance - Annual revenue reached $2.5 billion, representing a 15% year-over-year growth[1] - Revenue increased by 80.7% year-to-year to RMB11,896.2 million in 2023 from RMB6,584.7 million in 2022[9] - Adjusted EBITDA increased by 117.4% year-to-year from RMB1,437.2 million in 2022 to RMB3,123.9 million in 2023, with the margin rising from 21.8% to 26.3%[9] - Adjusted net profit surged by 240.3% from RMB646.2 million in 2022 to RMB2,199.1 million in 2023, with the net margin increasing from 9.8% to 18.5%[9] - Net profit margin improved to 12%, up from 10% in the previous year[1] - Profit before income tax turned positive at RMB1,853.7 million in 2023 compared to a loss of RMB117.1 million in 2022[10] - Revenue for the year ended December 31, 2023, increased to RMB 11,896,244 thousand, up from RMB 6,584,666 thousand in 2022, representing a significant year-over-year growth[38] - Gross profit for 2023 reached RMB 8,738,211 thousand, compared to RMB 4,778,026 thousand in 2022, reflecting a strong improvement in profitability[38] - Operating profit for 2023 was RMB 1,869,365 thousand, a substantial recovery from an operating loss of RMB 24,190 thousand in 2022[38] - Net profit attributable to equity holders of the company for 2023 was RMB 1,554,131 thousand, reversing a loss of RMB 146,009 thousand in 2022[38] - Adjusted net profit for 2023 stood at RMB 2,199,101 thousand, compared to RMB 646,172 thousand in 2022, indicating a robust financial performance[38] - Total revenue increased by 80.7% from RMB6,584.7 million in 2022 to RMB11,896.2 million in 2023[41][42] - Adjusted EBITDA for 2023 was RMB 3,123.9 million, compared to RMB 1,437.2 million in 2022, reflecting a significant year-over-year increase[66] - Adjusted net profit for 2023 reached RMB 2,199.1 million, up from RMB 646.2 million in 2022, showing strong growth[70] - Operating profit for 2023 was RMB 1,869.4 million, a substantial improvement from an operating loss of RMB 24.2 million in 2022[66] - Profit attributable to equity holders of the company improved significantly, turning from a loss of RMB 146.0 million in 2022 to a profit of RMB 1,554.1 million in 2023[59] - Profit before income tax for 2023 was RMB 1,853.7 million, contributing to the strong operating cash flow[74] User Growth and Engagement - Monthly active users (MAUs) increased to 120 million, up 10% compared to the previous year[1] - Average MPUs grew by 39.1% year-to-year from 29.7 million in 2022 to 41.3 million in 2023[9] - APUs increased by 25.2% year-to-year from 187.5 million in 2022 to 234.7 million in 2023[9] - Average Monthly Paying Users (MPUs) increased by 39.1% year-over-year from 29.7 million in 2022 to 41.3 million in 2023[19] - Annual Paying Users (APUs) increased by 25.2% from 187.5 million in 2022 to 234.7 million in 2023, reaching a historic high[19] - Approximately 80% of the company's average Monthly Active Users (MAUs) were contributed by the Weixin mini-program in 2023[23] - Registered users residing in non-first-tier cities accounted for approximately 86.9% of total registered users as of December 31, 2023[26] - Approximately 72.7% of new paying users on the Weixin platform were from non-first-tier cities in 2023[26] - 86.9% of registered users are from non-tier 1 cities in China as of December 31, 2023[28] - 72.7% of new paying users on the WeChat platform in 2023 were from non-tier 1 cities in China[28] Market Expansion and Acquisitions - The company plans to expand into three new international markets in the next fiscal year[1] - The company completed two strategic acquisitions, totaling $500 million, to enhance its market position[1] - The company completed the acquisition of Beijing Tongcheng Tourism Investment Group Co., Ltd. in Q4 2023 to strengthen its market position[31] - The company signed a strategic agreement with Chengdu Shuangliu Airport in Q4 2023 to develop it as a regional transit hub[33] - The company acquired 100% equity interest in Beijing Tongcheng Tourism Investment Group Ltd. on November 30, 2023, to strengthen its market position in the travel industry[86][91] - The company acquired approximately 57.1656% equity interest in Hainan Yanuoda Yuanrong Tourism Co., Ltd. on November 30, 2023, to expand its travel industry supply chain[87][91] - The company plans to explore potential acquisitions, investments, joint ventures, and partnerships aligned with its overall business strategies[93] - The company will actively seek mergers and acquisitions to expand its market size[163] Technology and Innovation - R&D investment increased by 25% to $300 million, focusing on AI and machine learning technologies[1] - The company launched a new mobile app feature, resulting in a 30% increase in user engagement[1] - The company prioritizes the development of information technology, including big data and artificial intelligence capabilities[113] - The company plans to transition from an OTA to an ITA by leveraging advanced technological capabilities[37] - The company will continue to penetrate lower-tier city markets, where core business has shown rapid growth[37] - The company uses data analytics to help TSPs develop innovative services and optimize product pricing, aiming to build stronger ties with existing TSPs and attract potential ones[147][150] - The company has developed proprietary technologies, including a customer management system and an e-booking system, to interact with TSPs and assist them in managing, pricing, and marketing their supply[149][150] - The company focuses on attracting, training, and retaining talent in technology, research, and development, offering performance-based compensation, on-the-job training, and promotion opportunities to strengthen technology innovation[156] Operational Efficiency and Costs - Cost of revenue rose by 74.8% to RMB3,158.0 million in 2023, mainly due to increased order processing costs and pre-purchased travel-related products[50] - Order processing costs increased by 84.1% to RMB1,332.1 million in 2023, reflecting higher GMV[50] - Cost of pre-purchased travel-related products grew by 198.6% to RMB462.4 million in 2023, driven by tourism services[50] - Procurement costs increased by 109.9% to RMB431.3 million in 2023, due to expanded value-added user services[50] - Employee benefit expenses rose by 46.5% to RMB479.7 million in 2023, as the number of user service and TSP service employees increased[50] - Excluding share-based compensation, cost of revenue as a percentage of total revenue decreased from 27.2% in 2022 to 26.5% in 2023[50] - Sales cost increased by 74.8% from RMB 1,806.6 million in 2022 to RMB 3,158.0 million in 2023, primarily due to higher transaction volume and increased order processing costs, which rose from RMB 723.4 million to RMB 1,332.1 million[51] - Service development expenses increased by 28.7% from RMB 1,414.1 million in 2022 to RMB 1,820.6 million in 2023, driven by an increase in IT employees and related benefits[52] - Selling and marketing expenses increased by 59.7% from RMB 2,801.2 million in 2022 to RMB 4,472.8 million in 2023, mainly due to higher advertising, promotion, and agency commission expenses[52] - Administrative expenses remained flat at RMB 711.2 million in 2023 compared to RMB 701.1 million in 2022, with a decrease in the percentage of revenue from 6.6% to 4.1%[52] - Net provision for impairment loss on financial assets decreased to RMB 17.5 million in 2023 from RMB 28.4 million in 2022, primarily due to lower expected credit losses on trade and other receivables[53][56] - Fair value loss on investments measured at fair value through profit or loss was RMB 32.5 million in 2023, mainly due to losses recognized in one investment in Q4 2023[54][57] - Other income decreased from RMB 153.8 million in 2022 to RMB 122.8 million in 2023, reflecting a reduction in government subsidies[55][58] - Net other gains increased to RMB 62.9 million in 2023 from net other losses of RMB 113.5 million in 2022, driven by reduced foreign exchange losses and higher gains on derivative financial instruments[59] - Income tax expense increased to RMB 288.1 million in 2023 from RMB 46.5 million in 2022, primarily due to higher current income tax charges[59] - Share-based compensation expense for 2023 was RMB 348.1 million, down from RMB 441.1 million in 2022[66] - Amortization of intangible assets in 2023 was RMB 678.6 million, slightly higher than RMB 639.8 million in 2022[66] - Depreciation of property, plant, and equipment and right-of-use assets in 2023 was RMB 232.1 million, up from RMB 200.4 million in 2022[66] - Foreign exchange loss in 2023 was RMB 66.8 million, significantly lower than RMB 215.4 million in 2022[66] - Net gains on investees in 2023 were RMB 36.8 million, compared to RMB 43.0 million in 2022[66] - Total share-based compensation for 2023 was RMB 376.4 million, a decrease from RMB 409.3 million in 2022[72] - Net cash generated from operating activities in 2023 was RMB 4,003.4 million, a significant increase from RMB 302.3 million in 2022[73] - Net cash used in investing activities in 2023 was RMB 1,762.2 million, primarily due to equity investments of RMB 1,721.7 million and purchases of property, plant, and equipment of RMB 952.1 million[76] - Net cash used in financing activities in 2023 was RMB 592.2 million, mainly due to repayment of borrowings and settlement of long-term payables[76] - The company's gearing ratio as of December 31, 2023, was approximately 17.0%[76] - Total capital expenditure for 2023 was RMB 3,224.8 million, including RMB 952.1 million for property, plant, and equipment, and RMB 1,721.7 million for long-term investments[77] - Trade payables increased by RMB 1,177.5 million in 2023, reflecting changes in working capital[74] - The company repaid a loan of RMB 196.9 million in February 2023, which was secured by property[76] - Long-term investments as of December 31, 2023, amounted to RMB 3,153.0 million, a decrease from RMB 3,980.7 million in 2022, representing 9.9% and 15.9% of the Group's total assets, respectively[81][82] - Investments accounted for using the equity method increased to RMB 1,429.8 million in 2023, up from RMB 1,379.3 million in 2022, due to more investments in private companies with significant influence[81][82] - Investments measured at fair value through profit or loss rose to RMB 1,039.3 million in 2023, compared to RMB 758.3 million in 2022, driven by investments in private companies and funds without significant influence[81][82] - Investments measured at amortized cost decreased to RMB 683.9 million in 2023 from RMB 1,843.2 million in 2022, mainly due to maturities within one year[81][82] - Short-term investments totaled RMB 3,948.5 million in 2023, up from RMB 3,163.2 million in 2022, representing 12.5% and 12.6% of the Group's total assets, respectively[83][84] - Short-term investments measured at amortized cost surged to RMB 2,316.8 million in 2023 from RMB 494.0 million in 2022, primarily consisting of time deposits with fixed interest rates[83][84] - Short-term investments measured at fair value through profit or loss decreased to RMB 1,631.7 million in 2023 from RMB 2,669.2 million in 2022, mainly comprising wealth management products with expected returns of 1.30% to 5.20%[83][84] Sustainability and ESG - The company achieved an AA MSCI ESG rating for the second consecutive year in 2023 and was included in The Sustainability Yearbook (China) 2023 by S&P Global[34] - The company's MSCI ESG rating was maintained at AA for the second consecutive year in 2023, reflecting strong sustainability efforts[36] - The Group made charitable donations totaling RMB 635,000 during the year ended December 31, 2023[131] - The Group complied with relevant laws and regulations, including the PRC Cybersecurity Law and Personal Information Protection Law[134] Shareholder and Dividend Information - The board approved a share buyback program of up to $200 million[1] - The Board proposed a final dividend of HKD 0.15 per share for the year ended December 31, 2023, with an estimated total payout of approximately HKD 339,388,938[113] - The total number of issued shares as of March 15, 2024, is 2,262,592,922[113] - The final dividend is expected to be paid on or about July 19, 2024, to shareholders listed on the register of members as of July 5, 2024[113] - The company has distributable reserves totaling RMB 20,543 million as of December 31, 2023[114] - The net proceeds from the Global Offering were fully utilized by December 31, 2023, with RMB 355.1 million carried forward from 2022 and used in 2023[118] - 30% of the net proceeds (RMB 395.8 million) were used to enhance products, services, and the TSP and user bases[120] - 40% of the net proceeds (RMB 158.3 million) were allocated to expanding the user base through strengthened user acquisition channels[120] - 30% of the net proceeds (RMB 118.7 million) were used to expand product and service offerings by building relationships with existing and emerging TSPs and developing innovative travel products[120] - 20% of net proceeds (RMB 79.2 million) allocated to increase brand awareness through advertising and promotional activities[122] - 10% of net proceeds (RMB 39.6 million) used to enhance user stickiness by improving membership loyalty programs[122] - 30% of net proceeds (RMB 395.8 million) allocated for potential acquisitions, investments, joint ventures, and partnerships[122] - 30% of net proceeds (RMB 395.8 million) used to enhance overall technology capabilities, including big data and AI (RMB 158.3 million), IT infrastructure (RMB 158.3 million), and competitive compensation for IT talent (RMB 79.2 million)[122] - 10% of net proceeds (RMB 131.9 million) allocated for working capital and general corporate purposes[122] - Total net proceeds utilized as of December 31, 2023, amounted to RMB 355.1 million[122] Business Strategy and Future Outlook - The company expects revenue growth of 10-12% for the next fiscal year[1] - The company achieved a second growth trajectory through substantial progress in hotel management and packaged tour businesses[37] - The company anticipates a robust expansion of the domestic travel market and significant progress in the outbound travel sector in 2024[37] - The company plans to transition from an OTA to an ITA by leveraging advanced technological capabilities[37] - The company will continue to penetrate lower-tier city markets, where core business has shown rapid growth[37] - The company plans to diversify its travel service provider (TSP) sources by contracting directly with airlines, hotel operators, and railway companies, as well as collaborating with regional travel agents and third-party online travel agencies[163] - The company will actively seek mergers and acquisitions to expand its market size[163] - The company depends on maintaining existing partnerships, including with TSP and Tencent Group, and any adverse changes could negatively impact its business[163] - The company will deepen cooperation with business partners by leveraging technology to offer innovative and customized products and services[163] - The company plans to diversify service providers for payment, settlement, and other technical services, and expand its user base through various traffic acquisition channels[163] - The online travel industry is highly competitive, with the company facing competition from other online travel agencies, traditional travel agencies, and travel service suppliers[163] - The company will continue to invest substantially in sales and marketing efforts, including broadening user acquisition channels and improving market competition analysis mechanisms[164][165] - The company aims to increase competitiveness by expanding product and service offerings, growing its user base, enhancing user engagement, and pursuing strategic alliances, acquisitions, and investments[164][165] - The Group's user base and user engagement are critical to its success, with potential risks if users no longer find its products and services attractive[167] - The Group plans to expand its user base through diverse traffic acquisition channels, including increasing awareness of Tencent-based platforms

在刚过去的清明小长假，无论是上海的“疯狂动物城”、南京的红山动物园还是成都大熊猫繁育研究基地，都吸引了大量游客排队参观，与上海迪士尼乐园的日均客流量不相上下。动物园，这个过去常被认为是遛娃族和中老年人专属的地方，如今已经摇身一变成了年轻人的新宠。那么，究竟是什么原因让年轻人如此热衷于动物园呢？  无人能否认，每个人的童年记忆中都深藏着一座动物园。回望六七十年前那个娱乐和旅游相对匮乏的年代，那里不仅是童年的乐园，更是记录了几代人的欢声笑语：第一次目睹孔雀华丽开屏的惊艳，第一次感受狮子猛兽的威武，第一次亲手给梅花鹿喂食的亲近……这些新奇而难忘的体验深深烙印在我们的心间。  进入90年代，随着城市建设的飞速发展和旅游业的蓬勃兴起，动物园的游客量开始逐渐下降，部分规模较小的动物园甚至被迫闭园或关停。但幸运的是，进入21世纪后，得益于“熊猫热”的兴起和社交媒体的推波助澜，人们对动物保护和生态环境的关注度日益提升，动物园也因此再次焕发出新的生机与活力。 如今，逛动物园不仅成为众多亲子游家庭的首选，更是受到了越来越多年轻人的喜爱和追捧。无论是寻找童年的回忆，还是追寻与动物“明星”的亲密接触，动物园都为我们提供了一个绝佳的去 ...

本报记者 谢岚 见习记者 梁傲男 “飘红”的假日经济展现出国内文旅市场的蓬勃活力。不少游客已提前筹划即将到来的“五一”假期，旅游市场有望实现平稳增长。 4月17日，携程发布的《2024“五一”旅游趋势洞察报告》显示，从当前预订情况看，今年“五一”旅游热度在去年高位基础上稳中有增，出境游、入境游订单增长更为明显。同程旅行数据显示，“五一”相关旅游搜索热度环比上涨超七倍，中长线旅游和出境游市场快速增长，游客出游距离和出游天数都有显著增长。 “‘五一’旅游热度高，源于多重因素。春季气候温和宜人，为游客出行提供了理想条件；同时，出入境游相关利好政策为旅游市场注入了新的活力，再加上旅游产品的不断创新和旅游基础设施的日益完善，游客的旅游体验得到了显著提升。”旅游酒店行业高级经济师赵焕焱对《证券日报》记者表示。 “五一”假期旅游预订 呈现三大特点 事实上，2024年以来，以“消费促进年”为主线，各类促消费的政策措施陆续出台，假日消费市场欣欣向荣。 4月16日，国家统计局相关负责人在新闻发布会上表示，一季度，服务业增加值同比增长5.0%，接触性服务业包括住宿餐饮、交通旅游继续保持较快增长。 上述国家统计局相关负责人提到，今年 ...

Stock Data and Market Performance - The stock closed at HKD 21.10 on April 9, with a 52-week price range of HKD 13.12-21.40 [1] - The company has a total market capitalization of HKD 47.9 billion, with 2.27 billion shares outstanding [1] - Over the past 3 months, the stock has shown an absolute return of 40.11% and a relative return of 36.17% compared to the CSI 300 index [2] Company Overview and Competitive Advantages - The company is a leading OTA platform in China, formed through the merger of Tongcheng Network and eLong in 2018 [3] - It has strong partnerships with Tencent and Ctrip, with 80% of MAU coming from WeChat mini-programs [4] - The company has a dominant position in lower-tier cities, with 86.9% of registered users from non-first-tier cities as of 2023 [3] Financial Performance and Growth - Revenue in 2023 reached RMB 11.896 billion, an 80.7% YoY increase, surpassing pre-pandemic 2019 levels by 60.9% [2] - Net profit turned positive at RMB 1.554 billion in 2023, compared to a loss of RMB 146 million in 2022 [5] - The company expects revenue to grow to RMB 23.931 billion by 2026, with a CAGR of 19.1% from 2023-2026 [5] Business Segments and Expansion - The platform offers over 420,000 flight routes, 2.5 million hotels, 430,000 bus routes, and 10,000 attraction tickets [4] - Domestic hotel room nights sold in Q4 2023 exceeded 70% of 2019 levels, while international room nights fully recovered [4] - The company completed acquisitions of Tongcheng Tourism Group and Yalong Bay Tropical Paradise in 2023 to expand its tourism business [4] Valuation and Investment Rating - The stock is trading at 19.25x 2023 P/E and 1.69x P/B, with an EV/EBITDA of 14.88x [9] - Analysts forecast 2024-2026 adjusted net profits of RMB 2.73 billion, RMB 3.065 billion, and RMB 3.655 billion respectively [6] - The target price range is HKD 23.38-29.88, representing 18-23x 2024 P/E, with an "Outperform" rating [6] Industry Trends and Growth Drivers - The company benefits from China's tourism market recovery, with strong demand for domestic and outbound travel [6] - It has launched a "Global Destination Plan" to capture growth in cross-border travel [6] - The company's focus on lower-tier cities and WeChat ecosystem integration provides a competitive edge [3][4]

浦银国际研究 财务模型更新 | 互联网行业 同程旅行（780.HK）：清明假期旅游 赵丹 浦 人均消费超 2019 年，五一黄金周预定 首席互联网分析师 银 dan_zhao@spdbi.com 国 热度依然高涨 ( 852) 2808 6436 际 杨子超，CFA 互联网分析师 清明假期旅游人均消费超 2019 年：根据文旅部数据测算，2024 年清 charles_yang@spdbi.com  (852) 2808 6409 明节假期 3 天全国国内旅游出游 1.19 亿人次，按可比口径较 2019 年 同期增长 11.5%；国内游客出游花费 539.5 亿元，较2019 年同期增长 2024年4月9日 财 12.7%。旅游消费金额涨幅超过旅游人次。清明人均消费支出453.4元， 评级 务 超过2019 年同期水平。2024 年清明小长假，以中短途出游为主，高 模 铁动车、自驾等是人们假期出行的主要交通方式，周边游和乡村游订 目标价（港元） 24 型 单量猛增。根据航旅纵横数据，清明节假期期间，国内航线平均票价 潜在升幅/降幅 +17% 更 （不含税）约为 710 元，出入境航线平均票价（不含税）约为 ...

M N 10 Apr 2024 CMB International Global Markets | Equity Research | Company Update Tongcheng Travel (780 HK) Continued outperformance during Qingming Target Price HK$26.10 The three-day Qingming Festival holiday embraced booming demand, with (Previous TP HK$26.10) domestic tourist trips +11.5% and tourism revenue +12.7% (both vs. the Up/Downside 23.7% 2019 level), according to the Ministry of Culture and Tourism. Tongcheng Current Price HK$21.10 Travel (TC) kept its strong momentum during the Qingming Fest ...

股 票 研 究 [Table_industryInfo] 社会服务业 [ Table_Main[同I Tnaf 程bol]e 旅_Ti行tle]（ 0780） [评Tab级le_：Inv est] 增持 当前价格（港元）： 19.48 旅游出行高景气延续，增量业务丰富供给 海 2024.03.20 外 ——同程旅行2023Q4 业绩点评 [ 交Ta易bl数e_M据a rket] 公 刘越男(分析师) 于清泰(分析师) 52周内股价区间（港元） 13.56-19.88 司 当前股本（百万股） 2,261 021-38677706 021-38022689 （ 当前市值（百万港元） 44,045 liuyuenan@gtjas.com yuqingtai@gtjas.com 中 证书编号 S0880516030003 S0880519100001 国 [ Table_PicQuote] 本报告导读： 52周内股价走势图 香 23Q4业绩符合预期，低基数下高增长，且后续收入增速有望延续环比改善趋势；公 同程旅行 恒生指数 港 司处于景气改善格局优化利润率提升正循环，后续有望受益国内及出境游回暖。 ） 摘要： 33% ...

Investment Rating - The report maintains a "Recommend" rating for the company, citing its strong operational performance, strategic acquisitions, and growth potential in the travel industry [1][2] Core Views - The company achieved significant growth in 2023, with revenue reaching 11.896 billion RMB, up 80.7% YoY, and adjusted net profit of 2.199 billion RMB, up 240.3% YoY [1] - The company's gross margin improved to 73.5%, up 0.7 percentage points YoY, while the adjusted net margin increased to 18.5%, up 8.8 percentage points YoY [1] - The company's transaction volume surged to 241.5 billion RMB, up 96.8% YoY, driven by strong performance in accommodation booking and transportation ticketing services [1] - The company's strategic focus on lower-tier cities and WeChat traffic has been successful, with 86.9% of registered users coming from non-first-tier cities [1] Financial Performance - In Q4 2023, the company's revenue reached 3.145 billion RMB, up 109.6% YoY, with adjusted net profit of 483 million RMB, up 1188.3% YoY [1] - The company's annual paying users increased to 235 million, up 25.2% YoY, while average monthly paying users reached 41 million, up 39.1% YoY [1] - The company's EPS is projected to grow from 0.69 RMB in 2023 to 1.49 RMB in 2026, with P/E ratios expected to decline from 19x in 2024 to 12x in 2026 [2][5] Strategic Initiatives - The company deepened its strategic cooperation with Tencent, with 80% of average monthly active users coming from WeChat mini-programs [1] - The company expanded its offline customer acquisition channels, which contributed to the growth of monthly paying users in Q4 2023 [1] - The company enhanced its membership system, particularly the Black Whale membership program, which saw a significant increase in cumulative members in Q4 2023 [1] - The company completed the acquisition of Beijing Tongcheng Travel Industry Group in Q4 2023, strengthening its position in the travel industry supply chain [1] Future Outlook - The company is expected to achieve net profits of 2.062 billion RMB, 2.723 billion RMB, and 3.369 billion RMB in 2024, 2025, and 2026, respectively [1] - The company's revenue is projected to grow from 17.028 billion RMB in 2024 to 23.728 billion RMB in 2026, with a CAGR of 16.6% [2][5] - The company's ROE is expected to improve from 8.78% in 2023 to 13.03% in 2026, reflecting stronger profitability and operational efficiency [7] Market Position - The company's focus on lower-tier cities and rural tourism projects has been a key driver of user growth, with 72.7% of new paying users on WeChat coming from non-first-tier cities [1] - The company's integration of Tongcheng Travel and the launch of offline store franchising plans have expanded its customer base and market reach [1] - The company's strategic acquisitions and partnerships are expected to further enhance its competitive advantage and market influence in the travel industry [1]

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 ...