Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 18, representing a potential upside of 37% from the current price of HKD 13.12 [2][4]. Core Insights - The company's 2Q24 revenue reached RMB 4.25 billion, a year-on-year increase of 48%, aligning with expectations. Adjusted net profit was RMB 660 million, exceeding market expectations by 4%, with an adjusted net profit margin of 15.5%, down 5.2 percentage points year-on-year, primarily due to the consolidation of vacation business [2]. - The core OTA segment showed steady growth, with a transaction volume of RMB 62.3 billion, up 4.4% year-on-year, driven by an increase in ARPPU. The average monthly paying users slightly increased by 0.7% to 42.5 million. Core OTA revenue was RMB 3.53 billion, a 23% year-on-year increase, with an operating profit margin of 24.3% [2]. - International business remains a strong growth driver, with international hotel night volume increasing by 140% and international ticket volume by 160% year-on-year in 2Q24. The company expects continued strong growth in international business, which currently accounts for less than 5% of total revenue [2]. Financial Summary - The company’s revenue forecast for FY24E is adjusted to RMB 17.3 billion, with FY25E projected at RMB 20.1 billion. The adjusted net profit for FY24E is estimated at RMB 2.56 billion, increasing to RMB 3.02 billion in FY25E [3][6]. - The financial model indicates a gradual improvement in profit margins, with the adjusted net profit margin expected to rise from 14.8% in FY24E to 16.2% in FY25E [7]. - The company’s total assets are projected to grow from RMB 38.15 billion in FY24E to RMB 47.79 billion in FY25E, reflecting a robust growth trajectory [7].
同程旅行：业绩符合预期，利润率有望回升