Soochow Securities·2024-08-31 19:35Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's Q2 2024 performance exceeded expectations, with significant growth in overseas business [5] - The recovery of outbound travel has reached pre-pandemic levels, with strong growth anticipated in the second half of the year [5] - The international platform Trip.com showed impressive growth, contributing positively to the overall revenue [5] Financial Performance Summary - Total revenue for 2022 was 20,039 million, with projections of 44,510 million for 2023, 52,814 million for 2024, and 60,610 million for 2025, reflecting a year-on-year growth of 122.12% in 2023 and 18.66% in 2024 [2] - Net profit attributable to shareholders was 1,403 million in 2022, expected to rise to 9,918 million in 2023, 14,628 million in 2024, and 16,661 million in 2025, showing a remarkable year-on-year increase of 606.91% in 2023 and 47.49% in 2024 [2] - The adjusted EBITDA for Q2 2024 was 44 billion, with an EBITDA margin of 35%, up by 2 percentage points year-on-year [5] Market Data Summary - The closing price of the stock is HKD 370.20, with a one-year low of HKD 251.40 and a high of HKD 452.20 [4] - The market capitalization is approximately 253,041.98 million HKD [4] Earnings Forecast and Valuation - The report adjusts the forecast for adjusted net profit for 2024-2026 to 16,853 million, 18,933 million, and 20,905 million respectively, with year-on-year growth rates of 29%, 12%, and 10% [5] - The current price-to-earnings ratio (P/E) is projected to be 14 for 2024, 12 for 2025, and 11 for 2026 [5]