Group 1 - The company reported a net profit of 790 million yuan, a year-on-year increase of 41%, exceeding the guidance range of 700-750 million yuan [1] - The average monthly paying users increased by 9.2% to 46.5 million [1] - Core-OTA segment revenue grew by 18% to 3.79 billion yuan, with transportation ticketing and accommodation booking revenues of 2.00 billion and 1.19 billion yuan, respectively, showing year-on-year increases of 15% and 23% [1] Group 2 - The gross profit margin for Q1 was 68.7%, an increase of 3.7 percentage points year-on-year, driven by the rapid growth of Core-OTA and a decrease in the proportion of lower-margin vacation business [1] - The adjusted net profit margin was 18.0%, up 3.6 percentage points year-on-year [1] - The company is actively leveraging WeChat traffic for accelerated growth and maintaining high demand in domestic travel while tightening user subsidies to ensure profit levels [1] Group 3 - Following the acquisition of Wanda Hotel Management, the profit forecast for 2025-2027 has been raised, with expected net profits of 2.50 billion, 3.01 billion, and 3.52 billion yuan, respectively [2] - The adjusted net profit for 2025 is projected to be 3.50 billion yuan, corresponding to a PE ratio of 13 times [2] - The investment rating is maintained at "Buy" [2]
同程旅行(00780.HK)：核心业务高速增长 利润率显著提升