OTA专题报告：OTA优势增强，边际改善趋势确定

Industry Overview - The OTA industry is experiencing steady growth in travel demand, with a significant increase in online penetration rates [2] - Domestic tourism in 1H24 reached 27.3 billion trips, a 14.2% YoY increase, recovering to 88.5% of 2019 levels [7] - International travel demand is recovering faster than supply, with international flights reaching 80% of pre-pandemic levels [9][10] Company Performance - Ctrip's Non-GAAP net profit margin has consistently exceeded 2019 levels since 1Q23, while Tongcheng's net profit margin lags due to its focus on international air ticket business [2][22] - Ctrip's 1H24 revenue reached 24.7 billion RMB, with a 20% YoY growth in accommodation bookings and 1% in transportation tickets [23][24] - Tongcheng's ARPU in 1H24 was approximately 64 RMB, a 30% increase compared to 2019 levels [19] Market Trends - Online travel booking users grew at 20% YoY in 2023, significantly outpacing the 2% growth in overall internet users [12] - Domestic tourism spending in 1H24 reached 2.73 trillion RMB, recovering to 98% of 2019 levels, but per capita spending remains below pre-pandemic levels [15][16] - The take rate of OTA platforms is stabilizing, with Ctrip maintaining a steady revenue/GMV ratio since 2019 and Tongcheng slightly increasing its take rate in 2Q24 [26] Future Outlook - Q3 2024 travel demand remains strong, with railway and aviation passenger volumes exceeding expectations [30] - International travel demand is expected to continue growing, with international passenger traffic recovering to 92.6% of 2019 levels during the summer travel season [32] - Q4 2024 domestic travel is expected to benefit from a low base effect, with CADAS predicting a 9% YoY increase in daily passenger volume during the National Day holiday [33][34] Investment Recommendations - The report recommends Ctrip Group-S and Tongcheng Travel, citing their strong revenue growth potential and improving net profit margins [2][37] - The OTA industry's competitive landscape is improving, with international business accelerating and cost efficiency optimization driving future net profit margin growth [37]