Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Insights - The company's Q2 2024 performance met expectations, with total revenue reaching 4.245 billion yuan, a year-on-year increase of 48.1%. The net profit attributable to shareholders was 434 million yuan, up 21.9% year-on-year [3] - The core OTA segment showed steady growth, with transportation ticketing and accommodation booking revenues of 1.743 billion yuan and 1.191 billion yuan, respectively, reflecting year-on-year increases of 16.6% and 12.8% [3] - The company signed a three-year strategic cooperation and marketing agreement with Tencent, aiming to enhance user acquisition through various channels, particularly in lower-tier cities [3][4] Financial Performance Summary - For 2024Q2, the adjusted EBITDA was 914 million yuan, a year-on-year increase of 13.4%, while the adjusted net profit was 657 million yuan, up 10.9% year-on-year [3] - The gross margin for Q2 2024 was 64.6%, down 10.8 percentage points year-on-year, attributed to the lower margin from the newly added vacation business segment [3] - The company expects net profits for 2024-2026 to be 1.98 billion yuan, 2.77 billion yuan, and 3.46 billion yuan, respectively, with corresponding P/E ratios of 14, 10, and 8 times [4] Market Data - The closing price of the company's stock is 13.12 HKD, with a market capitalization of approximately 30.5 billion HKD [5] - The company has a price-to-book ratio of 1.65 and a total share capital of approximately 2.325 billion shares [5][6] User Engagement Metrics - As of the end of Q2 2024, the company had 228 million annual paying users and 1.856 billion annual service users, with a year-on-year increase of 4.8% and 29.9%, respectively [3]
同程旅行：2024Q2业绩点评：业绩符合预期，与腾讯续签合作