Core Insights - The company reported a revenue of 4.4 billion yuan in Q1 2025, representing a year-over-year increase of 13%, and an adjusted net profit of 790 million yuan, up 41% year-over-year, with an adjusted net profit margin of 18%, an increase of 3.6 percentage points year-over-year [1] Group 1: Core Online Travel Platform - The core online travel platform showed strong growth, achieving a revenue of 3.8 billion yuan in Q1 2025, a year-over-year increase of 18%, with an operating profit margin of 29.2%, up 6.6 percentage points year-over-year [1] - In the transportation ticketing segment, revenue reached 2 billion yuan, a year-over-year increase of 15%, driven by increased demand and enhanced value-added services, with international ticket sales growing over 40% year-over-year [1] - The accommodation booking segment generated 1.2 billion yuan in revenue, up 23% year-over-year, benefiting from high-quality service offerings and strong supplier partnerships, with international hotel night volume increasing over 50% year-over-year [1] - Other segments achieved a revenue of 600 million yuan, a year-over-year increase of 20%, primarily due to strong performance in hotel management and PMS businesses, with over 2,500 hotels currently operating and more than 1,400 hotels in preparation [1] - The company announced a proposal to acquire 100% of Wanda Hotel Management, which operates in a light-asset model focusing on mid-to-high-end hotel operations and management, enhancing the company's brand portfolio [1] Group 2: Vacation Business and User Performance - The vacation business faced short-term revenue pressure due to security issues in Southeast Asia, with Q1 2025 revenue declining by 11.8% to 590 million yuan [2] - The company is focused on improving operational efficiency in the vacation segment and exploring user needs in various scenarios [2] - The average monthly paying user count reached 46.5 million, a year-over-year increase of 9.2%, with annual paying users totaling 247 million, up 7.8% year-over-year, and cumulative service users growing by 7.3% to 1.96 billion [2] - Over 87% of registered users reside in non-first-tier cities in China, with approximately 68% of new paying users from non-first-tier cities, reinforcing the platform's position in the mass market [2] Group 3: Profit Forecast and Investment Rating - The company is positioned as a leading OTA platform in the lower-tier market, benefiting from the release of domestic travel demand, increased penetration in lower-tier markets, international business expansion, and user growth through online and offline traffic [3] - Revenue forecasts for 2025-2027 are adjusted to 19.3 billion, 22.1 billion, and 24.9 billion yuan, with net profits of 2.7 billion, 3 billion, and 3.5 billion yuan, respectively, corresponding to diluted EPS of 1.2, 1.3, and 1.5 yuan, and P/E ratios of 16.3, 14.7, and 12.6 times [3] - The target market capitalization for the company in 2025 is set at 51.4 billion yuan, with a target price of 24 HKD, maintaining a "buy" rating [3]
同程旅行(0780.HK)：利润率持续改善 关注国际扩张表现