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 ...

Summary of Conference Call Company or Industry Involved - The conference call pertains to Huachuang Securities Research Institute, focusing on investment insights and market analysis. Core Points and Arguments - The call is intended solely for clients of Huachuang Securities Research Institute and does not constitute investment advice [1] - Participants are advised to make independent investment decisions and bear their own investment risks [1] - Huachuang Securities disclaims any responsibility for losses incurred from the use of the content presented in the call [1] - Expert opinions shared during the call represent individual viewpoints and do not reflect the views of the company [1] Other Important but Potentially Overlooked Content - The call emphasizes the importance of personal responsibility in investment decisions, highlighting the need for due diligence by participants [1]

Investment Rating - The report maintains a "Buy" rating for Trip.com Group (TCOM) with a 12-month price target of US$64 and HK$500, indicating a potential upside of approximately 24% from the current price [17][16]. Core Insights - Trip.com is expected to achieve a revenue growth of over 50% year-on-year in 2024, driven by strong performance in outbound travel and overseas operations [5][12]. - The company has a robust financial position with approximately US$5 billion in net cash, although there is a mismatch between cash and debt balances, necessitating the issuance of convertible bonds (CB) to raise capital for offshore expansion [2][3]. - Management anticipates mid single-digit percentage year-on-year growth in domestic revenue, with a more optimistic outlook for outbound travel, expecting revenue growth to sustain at over 70% year-on-year [3][6]. Summary by Sections Financial Position - Trip.com raised US$1.5 billion through a convertible bond issuance with a 0.75% coupon, aimed at funding overseas expansion and refinancing existing loans [2][3]. - The company has a total cash balance of US$12 billion, with a significant portion held onshore in China, while half of its US$7 billion debt is outside the country [2][3]. Business Outlook - Domestic revenue growth is projected to be soft in 3Q24 but expected to re-accelerate in 4Q24, while outbound revenue is forecasted to grow by over 70% year-on-year [3][6]. - The company is optimistic about its overseas OTA platform, Trip.com, targeting a revenue contribution increase from approximately 10% to 20% over the next 3-4 years [5][12]. Market Dynamics - Trip.com is experiencing benign competition in the domestic market, allowing for better-than-expected marketing efficiency [6][8]. - The company is focusing on capturing demand from both older and younger generations through tailored travel products and bundled packages, aiming to smooth out booking volumes during peak and off-peak periods [8][12]. Profitability and Margin Outlook - The report anticipates further margin expansion due to a favorable revenue mix shift towards higher-margin outbound travel and improved operational efficiency [6][8]. - The EBIT margin is expected to reach 30.1% in FY24E, reflecting a 0.5 percentage point year-on-year increase [8][12].

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 ...

Summary of Conference Call Company and Industry - The conference call pertains to Ctrip's overseas expansion efforts, indicating a focus on the travel and tourism industry. Core Points and Arguments - The call was led by an analyst from the investment firm, highlighting the importance of the report on Ctrip's overseas strategy [1]. - A colleague, Pan Weiquan, contributed significantly to the report but could not present due to compliance issues [1]. - The firm encourages further communication regarding details or strategic aspects of the report [1]. Other Important but Possibly Overlooked Content - The mention of compliance issues suggests a regulatory environment that may impact the company's operations or disclosures [1].

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]

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]