Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the coming months [5]. Core Insights - The company reported a revenue of 4.2 billion RMB for Q2 2024, representing a year-on-year increase of 49%. The core OTA business generated 3.2 billion RMB, up 23% year-on-year, aligning with expectations. The net profit attributable to shareholders was 430 million RMB, a 22% increase year-on-year, while adjusted net profit reached 660 million RMB, up 11% year-on-year [2][3]. - Strong demand for travel and international business expansion contributed to the core OTA business's revenue growth. The accommodation booking service generated 1.2 billion RMB, a 13% increase year-on-year, driven by increased accommodation demand and enhanced cross-selling strategies. The transportation booking service achieved 1.7 billion RMB, a 17% increase year-on-year, marking a historical high for quarterly revenue [2][3]. - The user base and purchase frequency continue to grow, with annual paid users reaching 230 million and cumulative service users at 1.86 billion, reflecting year-on-year increases of 4.8% and 29.9%, respectively. The average revenue per user (ARPU) is approximately 64 RMB, a 30% increase compared to 2019 [2][3]. Financial Performance Summary - The company forecasts adjusted net profits of 2.6 billion RMB, 3.5 billion RMB, and 4.2 billion RMB for 2024, 2025, and 2026, respectively. The current stock price corresponds to adjusted P/E ratios of 16X, 12X, and 9X for the same years [4][3]. - Key financial metrics for 2024 include projected revenue of 17.1 billion RMB, a 44% growth rate, and an adjusted net profit of 2.7 billion RMB, reflecting a 21% increase [4][8]. - The gross margin for Q2 2024 was reported at 65%, a decrease of 11 percentage points year-on-year, primarily due to the integration of new offline vacation services and differences in the core OTA business model [2][3].
同程旅行：公司信息更新：Q2业绩符合预期，折扣回收促利润率提升