Group 1: Travel Industry Overview - The phenomenon of revenge travel has faded, but there remains a bullish case for travel stocks due to the strong U.S. dollar, which enhances American tourists' purchasing power [1] - The Covid-19 pandemic has led to a behavioral shift where consumers prioritize experiential expenditures, supporting the case for travel stocks [1] Group 2: Wyndham Hotels & Resorts (WH) - Wyndham Hotels & Resorts operates as a hotel franchisor with brands like Super 8 and Days Inn, and reported sales of $1.4 billion in 2023, down nearly 7% from $1.5 billion in 2022 [2] - In the trailing 12 months, Wyndham posted a net income of $238 million, translating to earnings per share (EPS) of $2.84 [2] - For the current fiscal year, sales are projected to reach $1.49 billion, an increase of nearly 7%, with EPS expected to rise to $4.36, indicating a growth of just under 28% [3] Group 3: United Airlines (UAL) - United Airlines provides air transportation services and is recovering from the impacts of Covid-19, with 2023 revenue projected at $53.72 billion [4][5] - In 2020, United's sales were $15.36 billion, down 64.5% from $43.26 billion in 2019, but analysts expect revenue to increase by 8.46% to $58.26 billion in the current fiscal year [5] - The airline's net income for the trailing 12 months was $2.69 billion, with EPS at $8.09, and EPS is expected to rise to $10.30, a gain of 30.55% [5] Group 4: Trip.com (TCOM) - Trip.com operates as a travel service provider primarily in China, with a unanimous strong buy rating from analysts and an average price target of $68.06 [6][7] - The company reported revenue of $44.51 billion in 2023, recovering from $18.32 billion in 2020, which was down nearly 49% from $35.67 billion in 2019 [7] - For the current year, sales are expected to grow by 20.2% to $53.5 billion, with EPS projected to rise 47% to $21.72 [7]

Table of Contents Table of Contents Exhibit 99.1 TRIP.COM GROUP LIMITED INDEX TO CONSOLIDATED FINANCIAL STATEMENTS | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------|-------| | | Page | | Unaudited Interim Condensed Consolidated Statements of Income and Comprehensive Income for the Three-month Periods Ended March 31, | | | 2023 and 2024 | F-2 | | Unaudited Interim Condensed Consolidated Balance Sheets as of D ...

Core Viewpoint - Trip.com Group Limited announced a proposed offering of US$1.3 billion in convertible senior notes due 2029, aimed at qualified institutional buyers, with an option for initial purchasers to buy an additional US$200 million [1][10]. Group 1: Notes Offering Details - The notes will be general unsecured obligations of the company, maturing on June 15, 2029, with a repurchase option for holders on June 15, 2027, at 100% of the principal amount plus accrued interest [3][4]. - The notes will be convertible under certain conditions, with cash settlement upon conversion, and the company may choose to settle in cash, American depositary shares (ADSs), or a combination [5][6]. - The company plans to repurchase up to US$400 million of its ADSs concurrently with the notes offering to offset potential dilution from the conversion of the notes [7]. Group 2: Use of Proceeds - The net proceeds from the notes offering will be used for repaying existing financial indebtedness, expanding overseas business, and meeting working capital needs [2]. Group 3: Company Overview - Trip.com Group Limited is a leading global one-stop travel platform, offering a comprehensive suite of travel products and services, and operates under brands like Ctrip, Qunar, Trip.com, and Skyscanner [12].

Investment Rating - The report maintains an "Outperform" rating for Trip.com Group (9961 HK) [1] Core Views - Trip com Group is entering a new growth cycle by integrating domestic and international travel services aiming to become the leading online travel platform in Asia and the leading online transportation ticketing platform globally [2][4] - The company has demonstrated strong profitability post the 2023Q4 and 2024Q1 compensatory demand period with a GMV of $160 billion in 2023 surpassing Booking's $150 6 billion [4] - The online travel industry has seen significant improvements in its operating ecosystem with increased online penetration and a shift towards more personalized and diversified travel demands [4] Summary by Sections Trip com Group Overview - Trip com Group has been a leader in the online travel industry for 25 years with a GMV of $160 billion in 2023 making it the largest globally [4] - The company has shown strong recovery in domestic travel with a 28% increase in accommodation bookings and a 41% increase in transportation bookings compared to 2019 [10] - The company's non GAAP net profit in 2023 was 3 0 times that of Booking compared to 4 7 times in 2019 indicating improved operational efficiency [4] Industry Trends - The online travel industry has seen a significant shift towards online penetration with OTA platforms playing a crucial role in meeting the demand for personalized and diversified travel experiences [4] - The industry is moving towards a more stable competitive landscape with players focusing on profitability and efficiency [13] Competitive Landscape - The competitive landscape in the online travel industry has stabilized with players focusing on profitability and efficiency [13] - The key competitive factors include supply chain integration fulfillment efficiency and the ability to adapt to changing consumer demands [51] Growth Prospects - Trip com Group is well positioned to benefit from the recovery of outbound travel with an estimated 54% market share in online outbound travel [5] - The company's Trip com platform is expected to grow at a mid double digit rate over the next 3 5 years with significant potential in the Asian market [5] - The company's international expansion is supported by its strong supply chain and customer service system which has been built over a decade [73] Investment Recommendation - The report maintains a positive outlook on Trip com Group with a target valuation of 20 22x for 2024 corresponding to a market cap of RMB 3092 3401 billion representing a 22% 35% upside from the current level [5] - The company's strong supply chain and fulfillment system along with its ability to optimize marketing efficiency and labor productivity are key factors supporting its growth [5]

Investment Rating - The investment rating for the company is "Outperform" [1] Core Insights - The report emphasizes that Ctrip Group is entering a new development cycle by integrating domestic and international travel services, aiming to become the leading online travel platform in Asia and the foremost global transportation ticketing platform within the next 3-5 years [5][29] - The company achieved a GMV of $160 billion in 2023, surpassing Booking's $150.6 billion, indicating its strong market position [6] - Ctrip's profit margins have shown significant improvement, with a Non-GAAP net profit growth of 100% compared to 2019, reflecting enhanced operational efficiency and marketing effectiveness [6][18] Summary by Sections Market Position and Performance - Ctrip's online outbound travel market share is approximately 54%, with expectations for revenue from outbound travel to recover to 85%-100% of pre-pandemic levels by 2024, contributing an estimated profit increase of 0.7-1.8 billion [7] - The company has maintained a strong performance in domestic travel, with a recovery rate of 81.38% in terms of travel volume compared to 2019 [38] Growth Outlook - The report forecasts that Ctrip will maintain a double-digit growth rate in its international expansion over the next 3-5 years, leveraging its established supply chain and customer service systems [7][29] - The company is expected to benefit from the recovery of international flight capacity and improved visa policies, which will enhance outbound travel demand [64][69] Competitive Landscape - The online travel agency (OTA) sector is experiencing a shift towards improved profitability and operational efficiency, with Ctrip positioned to capitalize on these trends [21][27] - The competitive landscape is stabilizing, with a focus on profitability and efficiency among key players, allowing Ctrip to leverage its first-mover advantages [21][27] Financial Projections - The report maintains projections for Ctrip's Non-GAAP net profit at 15.5 billion, 18.7 billion, and 22 billion for 2024, 2025, and 2026 respectively, corresponding to dynamic PE ratios of 16, 14, and 11 [7][29] - The company is expected to achieve a market capitalization of approximately 3.092 to 3.401 trillion RMB by 2024, indicating a potential upside of 22%-35% from current levels [7][29]

[Table_Page] 公告点评|消费者服务Ⅱ 证券研究报告 [【Table_广Title] 发商社&海外】携程网(TCOM)/ 公[Ta司ble评_Inv级est ] 买入-美股/买入-H 当前价格 57.05美元/440.00港元 携程集团-S(09961.HK) 合理价值 63.53美元/495.29港元 前次评级 买入/买入 利润超预期，海外业务持续高双位数增长 报告日期 2024-05-21 [ 核Tabl 心e_Su 观mm 点ary] ： [相Tab对le_P市icQ场uote表] 现 ⚫ 携程集团发布 1Q24 业绩公告。公司 1Q24 实现收入 119.2 亿元，同 60% 携程网 纳斯达克 40% 比增长 29%；毛利率同比下降 1.0pps 至 81.2%，non-GAAP 归母净 20% 利润为40.6亿元，non-GAAP归母净利润率34%。 0% -20% ⚫ 根据公司1Q24财报，（1）1Q24住宿业务收入同比增长29%至45.0 -40% 亿元，收入占比38%。（2）1Q24交通业务收入同比增长20%至 -60% 2023-05 2023-08 2023-11 2024-02 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported strong Q1 2024 performance with revenue reaching 11.9 billion, a year-on-year increase of 29%, and non-GAAP net profit of 4.055 billion, up 34% [4] - International travel demand is surging, with international OTA platform revenue growing over 80% due to favorable visa policies and increased flight capacity [4] - Domestic tourism remains robust, with hotel and flight bookings increasing over 20% year-on-year, particularly in lower-tier cities [4] - The company expects significant revenue growth driven by international business, forecasting revenues of 55.1 billion, 65.5 billion, and 74.5 billion for 2024, 2025, and 2026 respectively [4] Financial Performance Summary - For Q1 2024, the company achieved a non-GAAP EBITDA margin of 33.3%, an increase of 2.7 percentage points year-on-year [4] - The revenue breakdown for Q1 2024 includes accommodation bookings at 4.5 billion (up 29%), transportation ticketing at 5 billion (up 20%), vacation services at 883 million (up 129%), and business travel management at 511 million (up 15%) [4] - The company projects non-GAAP net profits of 16.045 billion, 18.812 billion, and 20.477 billion for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 22.8%, 17.2%, and 8.9% [5][6]

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 ...

Summary of Conference Call Company/Industry Involved - The conference call was conducted by Guosen Securities, specifically targeting professional institutional clients or invited guests [1] Core Points and Arguments - The content of the meeting represents personal opinions and does not constitute investment advice for any individual [1] - Participants are advised to fully understand various investment risks and make independent investment decisions based on their own circumstances [1] - Recording or filming of the meeting is prohibited [1] Other Important but Possibly Overlooked Content - Emphasis on the importance of understanding investment risks highlights the cautious approach the company advocates for its clients [1] - The exclusivity of the meeting to professional clients suggests a focus on sophisticated investors, which may indicate the complexity of the topics discussed [1]