as well as the outlook for the fourth quarter of 2024. After the prepared remarks, we will have a Q&A session. With that, I will turn the call over to James. James, please. Thank you, Michelle. And thanks everyone for joining us on this call today. In the third quarter of 2024, the China travel market demonstrated remarkable resilience, with strong performance in both domestic and cross-border travel. This surge in demand reflects a recovery in consumer confidence and a growing enthusiasm for travel. The Na ...

本次电话会议仅服务于华创证券研究所客户不构成投资建议相关人员应自主作出投资决策并自行承担投资风险华创证券不应使用本次内容所导致的任何损失承担任何责任专家发言内容仅代表专家个人观点不代表本公司观点 本次会议内容不得涉及国家保密信息、内幕信息、未公开重大信息、商业秘密、个人隐私不得涉及可能引发不当炒作或股价异常波动的敏感信息不得涉及影响社会或资本市场稳定的言论未经华创证券事件书面许可 任何机构或个人不得以任何形式复制、刊载、转载、转发、引用本次会议内容否则,由此造成的一切后果及法律责任由该机构或个人承担本公司保留追究其法律责任的权利市场有风险,投资需谨慎 各位在线的投资人大家好我是华昌零售和社福的手续分析师王薇娜今天呢由我和我们组负责这个社福的小禅一起为大家带来一个携程的深度报告攻守兼备三元驱动那么也在这样的市场里面呢在这个回调当中也是七八月旺季来临之前呢我们在推携程也跟大家讲一下这个公司包括我们对OTA整个行业的一些认知 那么首先我们说整个社福行业其实能产生大市值公司的板块是比较少的尤其是传统的社福那么传统的这个酒旅和包括这些线下的服务员能产生大市值公司的除了一些比较有特色的这个教育板块以外 主要就是一个是OT ...

更多资料加入知识星球：水木调研纪要关注公众号：水木纪要 Goldman Equity Sachs Research 6 June 2024 | 6:34AM HKT Trip.com Group (TCOM): Consumer & Leisure Corp Day: CB queries; 2Q/3Q domestic steady, margin upside on outbound/Trip.com 开报数据 We hosted TcOM management at our Greater China Consumer & Leisure Corp Day earlier today. Most of the questions were surrounding rationale for its cB issuance announced yesterday, outlook for its domestic and outbound travel businesses and growth strategies for its overseas OTA platform, Trip.com. As ...

高盛：：提出13亿美元现金平价结算可转债以节省利息成本和海外扩张；4亿美元股票回购 ...

各位投资人下午好欢迎大家收听我们携程出海的这个报告的一个分享我是招商社服的分析师李秀敏那一起的还有我的同事潘威权那因为合规问题他可能没有办法亲自分享这篇报告但是也是给这篇报告的这个做了非常多的这样的一个工作然后这篇报告后续有什么细节上的或者策范上的问题大家想进一步沟通的也欢迎联系我们这个潘威权同事 然后我这边简单给大家分享一下这个协程就是这篇报告的一个核心内容那协程的话目前也是我们组现在主推的这样的一个社福公司那一来的话是今年以来整个国内旅游的这个需求相对比较旺盛那政策上的话也是去推这个旅游强国所以各地方政府在整个旅游设施上是有所强化的包括这个交通铁路是有所改善的 其次的话也是这个需求端就是这个年轻人和老年人其实都有各自的一个出行需求所以也看到今年各个节假日这个人次的增长也非常的明显当然这种 供需2万的这个格局呢它对OTA相对比较有利啊因为今年相对来说整个旅游行业的这个上游的竞争肯定是加剧的所以一定程度上是导致了这个价格端有一定压力但也是使得各个上游的这个供应商他对OTA的这个依赖度是有所提升的所以协诚它在整个旅游市场的这个份额是在不断增加的那当然在价格它有一定的这个负面影响 然后出境油这一块呢基本上国内现在 ...

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 ...

目前此次参会者均处于静音状态下面开始播报声明本次会议为中信证券摆名单会议仅限受邀客户参会未经中信证券和演讲加入 任何机构和个人不得以任何形式将会议内容和相关信息都未公布、转发、转载、传播、复制、编辑、修改等如有上述违法行为中信证券保留追究相关方法律责任的权利 各位投资人大家上午好欢迎大家在这个时段接入这个携程QE业绩之后的交流我是中信的分析师刘继伟同时在线的还有亚姐跟施安那我们今天的这个邀请到的是携程的IRD招本跟我们一起来做一个分享 那这个流程上的话呢还是先请赵登帮我们跟想这个更新一下这个关于QE的一些这个这个重点的公告里的一些东西跟前的一些这个展望之后的时间的话呢我们就进入到QA的一个时间诶赵登可以听到吧嗯可以听到小赵好 我这边就简单先把Q1的一些数字recap一下然后还有Q2大概一些情况讲一讲然后我们后面就double click on一些其他的那个aspect吧那反正Q1这边的话Q1基本上就是 那个疫情开放之后,最后一个easy call,去年二三QE还是low base,然后在Q2开始就是忘记了,所以现在QE这个U4 year这个数字看着都是挺好看的,比如说我们那个酒店这边的话,其实国内酒店天夜我们 ...

Good day and thank you for standing by. Welcome to the trip.com group 2024 Q1 earnings conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during this session, you will need to press star 11 on your telephone. You will then hear an automated message advising you your hand is raised. To withdraw your question, please press star 11 again. Please be advised that today's conference is being re ...

Industry Investment Rating - The global business travel market is expected to recover to $1.5 trillion by 2024, surpassing 2019 levels [6][7] - China's business travel market is projected to exceed 2019 levels by 2024, with a growth rate of 39.2% in 2023 [6][17] Core Views - The Asia-Pacific region, led by China, continues to dominate the global business travel market, with China's recovery being a key catalyst [11] - Over 60% of companies plan to increase domestic travel budgets in 2024, with international travel budgets also showing strong growth [21] - The global business travel market is experiencing a strong recovery, with the Asia-Pacific region leading the growth, particularly China [7][11] Market Recovery and Growth - Global business travel spending is expected to reach $1.5 trillion by 2024, driven by strong growth in the Asia-Pacific region [6][7] - China's business travel market grew by 39.2% in 2023, with a projected recovery to 2019 levels by 2024 [6][17] - The Asia-Pacific region accounted for $567 billion in business travel spending in 2023, representing 92% of 2019 levels [11] Regional Market Insights - China remains the largest business travel market, with a strong recovery in 2023 [11][17] - Japan, South Korea, and Singapore are among the top-performing countries in the Asia-Pacific region, with significant growth in business travel spending [14][15] - The Middle East & Africa region has shown the fastest recovery compared to other regions [7] Corporate Travel Budgets - 66% of companies plan to increase domestic travel budgets in 2024, while 59.8% plan to increase international travel budgets [21] - Transportation & logistics, education, and financial industries are leading the increase in international travel budgets [24] - Over 67% of companies expect to increase both domestic and international travel frequency in 2024 [27] Globalization and Business Travel - Globalization is driving Chinese companies to expand internationally, making overseas business travel a strategic necessity [30][31] - Southeast Asia is the top destination for Chinese companies' outbound business travel, with Singapore, Thailand, and Vietnam being the most popular [40][41] - Companies are increasingly focusing on employee safety, cost-effective travel resources, and streamlined visa processes for international travel [43][44] Digital Transformation and AI in Travel - Over 55% of companies are likely to adopt AI technologies in their operations, with a focus on travel planning, cost analysis, and process optimization [75][78] - AI is expected to play a significant role in reducing repetitive tasks, improving efficiency, and enhancing travel management systems [78][79] - The integration of AI in travel management is expected to grow, with applications in itinerary planning, data analysis, and expense management [81][82] ESG and Sustainable Travel - Companies are increasingly adopting ESG practices, with a focus on reducing carbon emissions, promoting employee welfare, and implementing paperless processes [95][103] - Over 2.9 million companies have chosen low-carbon flights through Ctrip's business travel platform, saving over 1.2 million kg of carbon emissions in 2023 [98] - Companies are prioritizing sustainable travel practices, such as reducing paper usage, promoting low-carbon travel options, and implementing carbon offset programs [106][107] Electronic Invoicing and Digital Transformation - The adoption of electronic invoices is accelerating, with significant benefits for travel management, including cost reduction, process optimization, and improved compliance [109][111] - Companies are leveraging digital solutions to streamline travel expense management, reduce errors, and enhance the overall travel experience [111]