Investment Rating - The investment rating for the company is "Outperform the Market" [1][15]. Core Insights - The company achieved a revenue of 8.112 billion yuan in the first half of 2024, representing a year-on-year growth of 48.8%. Adjusted EBITDA was 1.734 billion yuan, up 12.7%, and adjusted net profit was 1.215 billion yuan, an increase of 10.9% [3][6]. - The gross margin for the first half of 2024 was 64.8%, a decrease of 10.4 percentage points year-on-year. The adjusted profit margin was 15.0%, down 5.1 percentage points [3][6]. - The company's core OTA business segments, including transportation ticketing and accommodation booking, showed significant performance improvements, with transportation ticketing revenue growing by 16.6% year-on-year in Q2 2024 [6][8]. Financial Performance Summary - In Q2 2024, the company reported revenues of 4.245 billion yuan, a 48.1% increase year-on-year, with adjusted net profit also growing by 10.9% [3][6]. - The total GMV for the first half of 2024 was 128.2 billion yuan, reflecting a 9.7% year-on-year increase, with a notable rise in user purchase frequency [6][8]. - The company expects Non-GAAP net profits of 2.697 billion yuan, 3.021 billion yuan, and 5.859 billion yuan for 2024, 2025, and 2026 respectively, with a projected PE ratio of 15-18 times for 2024 [6][9]. Business Segment Performance - The transportation ticketing segment generated 1.743 billion yuan in revenue in Q2 2024, driven by increased ticket volume and enhanced value-added services [6][8]. - Accommodation booking revenue reached 1.191 billion yuan in Q2 2024, benefiting from a significant expansion of hotel supply and optimized product structure [6][8]. - Other business segments saw a remarkable revenue increase of 87.3% year-on-year, totaling 592 million yuan in Q2 2024 [6][8]. User Metrics - As of June 30, 2024, the company had 228 million annual paying users, a 4.8% increase year-on-year, with a 29.9% growth in cumulative paying customers [6][8]. - The proportion of registered users from non-first-tier cities was approximately 87% as of Q2 2024 [6][8]. Valuation and Market Comparison - The company is valued at a reasonable range of 19.05 to 22.86 HKD per share based on a PE ratio of 15-18 times for 2024, considering its position as a leading OTA with strong growth momentum [6][9]. - Comparatively, the PE ratios for similar companies such as Ctrip and Meituan are 14.4 and 17.6 respectively, indicating a competitive market landscape [9].
同程旅行：公司中报点评：2Q24收入同比增长48.8%，季度利润率提升