携[Ta程ble集_St团ock -N Sam（eR 0p 9tT 9yp 6e 1] ） 公司研究/港股点评 24Q1 业绩点评：利润超预期，国际出行需求高涨 投资评级：买入（维持） 主要观点： [Table_Rank] 报告日期： 2024-05-24 ⚫[ T2a4bQle1_业Su绩m mary] 公司发布24Q1业绩，收入增长亮眼，利润超市场预期。2024Q1，携 [收Ta盘bl价e_（Ba港se元D）at a] 406.00 程集团收入录得119亿元，同比增长29%，non-Gaap归母净利润录得 近12个月最高/最低（港元） 440/251 总股本（百万股） 684 40.55亿元，同比增长34%，non-Gaap EBITDA margin 达33.3%，同 流通股本（百万股） 684 比增长2.7pct。 流通股比例（%） 100.00 收入端，住宿预订营业收入为45亿元，同比增长29%；交通票务营业 总市值（亿港元） 2775 收入为50亿元，同比增长20%；旅游度假业务营业收入为8.83亿元， 流通市值（亿港元） 2775 同比增长129%；商旅管理业务营业收入为5.11亿元，同比增长1 ...

Investment Rating - The report maintains a "Buy" rating for Trip.com Group Limited (携程集团-S) [1] Core Views - The company achieved a net operating revenue of 11.9 billion yuan in Q1 2024, representing a year-on-year increase of 29%. Adjusted EBITDA was 4 billion yuan with an EBITDA margin of 33%. Adjusted net profit attributable to shareholders was 4.06 billion yuan, up 96% year-on-year [6] - Domestic and international businesses continue to grow, with expectations that outbound business will return to pre-pandemic levels. Domestic hotel and flight bookings increased by over 20% year-on-year in Q1. Outbound hotel and flight bookings more than doubled year-on-year [6] - The international platform Trip.com contributed approximately 10% to the group's total revenue, with a year-on-year growth of about 80%. The inbound tourism market is expected to drive significant revenue growth for Trip.com [6] Summary by Sections Financial Performance - Total revenue for 2024 is projected to be 44.51 billion yuan, with a year-on-year growth of 18%. Non-GAAP net profit is expected to reach 13.07 billion yuan, reflecting a 7% increase [2][7] - The company’s adjusted net profit margin reached 34% in Q1 2024, with a gross margin of 81.2% [6] Business Segments - Domestic business growth is expected to outperform the industry average, while outbound business is showing strong recovery. The inbound tourism segment is becoming a significant growth driver for the company [6][7] Valuation Metrics - The current price-to-earnings (PE) ratio based on adjusted earnings is projected to be 18, 16, and 14 times for 2024, 2025, and 2026, respectively [7]

[Table_Header] 公司点评●社会服务 2024年 05 月23 日 [Table_Title] [Table_StockCode] 携程集团-S(9961) 营收利润恢复强劲，海外业务延续高增 [Table_InvestRank] 推荐 (首次) 核心观点： 分析师 [Table⚫_ Sum事m件ar：y] 公司发布 2024年一季报，公司 1Q24实现营收 119亿人民币/同比 [顾Ta熹b闽le_ Authors] +29%；归母净利 43 亿人民币/同比+28%；Non-GAAP 净利 40.6 亿/同比 ：18916370173 +96%。 ：guximin_yj@chinastock.com.cn ⚫ 1Q24 营收超指引，行业景气度延续：1Q24公司营收增速超上季末指引 分析师登记编码：S0130522070001 2pct。其中，国内机酒预订同比增速均超 20%，反映最新季度国内游景气 度仍保持相当韧性；出境机酒预订同比+100%，主要受益于国人出境游 需求复苏；此外，公司国际业务 Trip.com营收+80%，继续保持高速增长， [市Ta场ble数_M据ark et] 2024 ...

本次会议为国信证券白名单会议仅面向国信证券的专业投资机构客户或受邀客户会议嘉宾发言内容仅代表其个人观点会议内容不构成对任何人的投资建议敬请会议参会者充分了解各类投资风险根据自身情况自主做出投资决策并自行承担投资风险本次会议禁止录音录像 任何机构和个人不得以任何形式转发、转载、复制、发布或引用会议全部或部分内容亦不得从未经国姓证券书面授权的任何机构、个人或其运营的媒体平台转发、转载、复制或引用会议的全部或部分内容不当传播会议内容或违反上述要求的国姓证券保留追究相关方法律责任的权利 各位投资人大家下午好我是国信社服务的钟箫今天与我一起主持会议的还有我们国信社服务的分析师杨丽颖因为今天我们非常荣幸的邀请到骑神集团的IR Sharon给我们进行一个交流那么我们接下来的交流的话分成两个环节首先的话可能会麻烦Sharon简单的介绍一下近期的一些情况大家可能也是比较关注的 然后的话我们就会留准时间进行一个Q&A的交流那么先还是我们麻烦Sharon帮我们介绍一下最近的一些就是iTunes以来的或者今年以来的一些相关的情况谢谢谢谢大家的时间那我先分三个板块讲吧就一个是国内市场 出印市场和海外市场国内的话其实从一季度到二季度其实 ...

2024 年 05 月 23 日 公司研究 评级：买入 (维持 ) 研究所： [Table_Title] 利润表现亮眼，关注出境修复及国际增长 证券分析师： 陈梦竹 S0350521090003 chenmz@ghzq.com.cn 证券分析师： 张娟娟 S0350523110004 ——携程集团 （ ） 财报点评 -S 9961.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，整体实现净营业收入119亿 元（YoY+29%），归母净利润43亿元（YoY+28%），Non-GAAP归母净 利润 41 亿元（YoY+96%）。其中交通票务实现净营业收入 50 亿元 （YoY+20%），住宿预订实现净营业收入45亿元（YoY+29%），旅游度 假实现净营业收入8.8亿元（YoY+129%），商旅管理实现净营业收入5.1 亿元（YoY+15%）。 我们的观点 : 相对恒生指数表现 2024/05/22 表现 1M 3M 12M  整体表现：公司 ...

Table_Title Table_BaseInfo 2024 年 05 月 22 日 公司动态分析 携程集团（9961.HK/TCOM.US） 证券研究报告 业绩表现优于旅游大盘；上调全年净利润预测 xxxx 在线旅行 携程 1 季度收入同比增 29%，略超市场预期，经调整净利润 41 亿元，超市场预期 投资评级： xx 买入 45%，利润率同比提升 12 个百分点至 34%。国内/出境酒店及机票预定量同比增超 xx 20%/100%，国际OTA业务收入同比增约80%。我们维持2024年全年收入预测不变， 上调经调整净利润预测 13%，给予 21 倍 2024 年市盈率，上调目标价至 519 港元 目标价格： 519 港元 （9961.HK）/67美元（TCOM.US），维持“买入”评级。 现价 (2024-05-21)： 440.00港元 报告摘要 1 季度利润超预期：净收入 119 亿元，同比/环比增 29%/15%，略超我们/市场预期 2%/3%，其中住宿预订/交通票收入同比增29%/20%，对净收入的贡献为38%/42%。 总市值(百万港元) 300,752 经调整净利润为41亿元，超出我们/市场预 ...

股 票 研 究 [Table_industryInfo] 社会服务业 [ Table_Main[ 携 TIna 程fbole] 集 _T 团itle -] S （9961） [评Tab级le_：Inv est] 增持 当前价格（港元）： 430.80 国内出行韧性强，出境及海外强势高增 2024.05.23 海 ——携程集团 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） 241.60- 440.00 公 021-38677706 021-38022689 当前股本（百万股） 684 司 liuyuenan@gtjas.com yuqingtai@gtjas.com 当前市值（百万港元） 294,464 （ 证书编号 S0880516030003 S0880519100001 中 本报告导读： [ Table_PicQuote] 52周内股价走势图 国 24Q1业绩超预期，公司受益OTA行业格局改善，出境及海外景气度持续向上，利润 香 率仍在提升周期。 携程集团-S 恒生指数 摘要： 港 66% ） [T abl维e_持Su ...

Investment Rating - The report maintains a "Buy" rating for Trip.com Group-S (09961 HK) [1][3] Core Views - Q1 2024 saw strong profit growth with revenue of RMB 11 91 billion, net profit of RMB 4 31 billion, and Non-GAAP net profit of RMB 4 06 billion, up 29%, 28%, and 96% YoY respectively [1][7] - Adjusted net margin reached 34%, up 12 percentage points YoY and 8 percentage points QoQ, driven by the recovery of high-margin outbound travel and operational leverage [1][7] - Domestic travel benefited from increased online penetration, while outbound travel saw a strong recovery, with international business expanding rapidly and inbound travel growing significantly [1][8] - Non-GAAP operating profit grew 44% YoY, with a margin of 32%, up 3 percentage points YoY, supported by operational leverage and improved marketing efficiency [1][9] Revenue Breakdown - Domestic hotel and air ticket bookings grew over 20% YoY, with vacation business exceeding 2019 levels [1][8] - Outbound hotel and air ticket bookings surged over 100% YoY, recovering to over 90% of 2019 levels [1][8] - International Trip com revenue grew approximately 80% YoY, with inbound bookings increasing over 4 times [1][8] Profitability - Gross margin stood at 81 2%, down 1 percentage point YoY, but high-margin outbound travel contributed positively [1][9] - Adjusted sales expense ratio improved by 0 4 percentage points YoY, remaining well-controlled at 19 1% [1][9] Outlook - Domestic travel growth is expected to slow due to high base effects, but online penetration will continue to support performance [2] - Outbound travel is expected to remain strong, with further recovery during the summer season, driven by improved flight capacity, lower ticket prices, and visa process enhancements [2] - The report slightly raises 2024 revenue growth forecasts and expects Non-GAAP net profit for 2024-2026 to be RMB 15 5/18 7/22 0 billion, with EPS of RMB 23/27/32 and dynamic PE of 18/15/13x [2] Industry Position - Trip com Group is a leading one-stop travel service provider with a strong foothold in both domestic and international markets, benefiting from its high-end traffic accumulation and supply chain advantages [2]

携程集团-S（9961.HK）2024Q1业绩点评 Q1 经调整利润超预期，国际业务保持高增 2024年05月22日 事件：2024年5月21日，携程集团（9961.HK/TCOM）发布2024年Q1未 推荐 维持评级 经审计业绩，24Q1净收入119亿元，yoy+29%（超彭博一致预期116亿元）； 当前价格： 440.00港元 归母净利润 43 亿元，净利率 36.2%；上年同期为 34 亿元（利润率 36.7%）； Non-GAAP 净利润41 亿元（超彭博一致预期为 28 亿元），利润率 34.1%；上 年同期为21亿元（Non-GAAP利润率22.5%）。 [Table_Author] ➢ 住宿、交通稳健增长，度假业务显著恢复。分业务来看，24Q1住宿收入45 亿元，yoy+29%，qoq+15%；交通收入50亿元，yoy+20%，qoq+22%；度 假收入8.83亿元，yoy+129%，qoq+25%；商旅收入5.11亿元，yoy+15%， qoq-19%主要系春节假期企业客户出行相对温和；其他收入 10.31 亿元， yoy+39%，qoq+4%。 ➢ Q1销售费用投放较少，利润表现超预期。24 ...

Investment Rating - The investment rating for the company is "Buy" with a target price of HKD 509.00, indicating a potential upside of 16.6% from the current price of HKD 436.40 [2][8]. Core Insights - The report highlights that while hotel prices in mainland China have decreased, the booking volume has exceeded expectations, leading to an anticipated stable profit margin for the year [1]. - For Q1 2024, the company reported revenues of RMB 11.9 billion, a year-on-year increase of 29%, slightly above market expectations. Adjusted net profit rose by 96% to RMB 4.1 billion, with a net profit margin of 34% [1][4]. - The report anticipates that the company's outbound revenue will nearly fully recover to 2019 levels, with international business expected to grow by over 30% [1]. Summary by Sections Financial Performance - Q1 2024 revenue breakdown: Hotel accommodation revenue increased by 29%, transportation by 20%, vacation packages by 129%, and business travel by 15% [1]. - Adjusted net profit for Q1 2024 was RMB 4.1 billion, exceeding expectations by 32% and 45% compared to market forecasts [1][4]. - The company maintained a stable marketing expense ratio at 19%, better than the expected 22-23% [1]. Market Outlook - The report projects a 10% decline in hotel prices in Q2 2024, with a potential marginal improvement in Q4 2024. Despite price declines, the company is expected to maintain double-digit growth in booking volumes due to strong brand recognition and supply chain advantages [1]. - The company is expected to achieve a 30.1% adjusted net profit margin in 2024, with adjusted net profit and earnings per share forecasts raised by 12% and 27% respectively [1][4]. Valuation - The target price has been adjusted from HKD 440 to HKD 509 based on a 20x P/E ratio for 2024, reflecting confidence in sustained travel demand and the company's competitive advantages in both domestic and international markets [2][4].