Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 13.38 HKD [2][3]. Core Insights - The company's Q2 performance met expectations, achieving revenue of 4.25 billion RMB, a year-on-year increase of 48.1%, marking a historical high for quarterly revenue. Adjusted net profit reached 660 million RMB, up 10.9% year-on-year, with a net profit margin of 15.5% [1][2]. - The core OTA segment demonstrated strong growth resilience, with transportation revenue of 1.74 billion RMB, a 16.6% increase year-on-year. International business saw significant growth, with ticket and hotel revenue increasing by 160% and 140% respectively [1][2]. - The number of paid users remained stable, with an increase in average consumption frequency from 6.6 times to 8.1 times per user year-on-year, supporting a GMV of 623 billion RMB, which grew by 4.4% [1][2]. Financial Performance Summary - For 2024, the company is projected to achieve a net profit of 2.008 billion RMB, with corresponding P/E ratios of 14x, 13x, and 11x for 2024-2026 [2][3]. - Revenue is expected to grow from 11.896 billion RMB in 2023 to 17.028 billion RMB in 2024, reflecting a growth rate of 43.1% [3][11]. - The net profit is forecasted to increase from 1.554 billion RMB in 2023 to 2.008 billion RMB in 2024, indicating a growth rate of 29.2% [3][11]. User Engagement and Market Strategy - The company continues to deepen its market penetration through effective operations and innovative services, attracting new users and increasing the paid user ratio [2]. - The strategy of mergers and acquisitions is being employed to enhance the company's competitive advantage and market presence in accommodation, vacation, and outbound travel sectors [2].
同程旅行：2024年二季报点评：主业彰显较强韧性，运营能力提升支撑增长