OTA行业深度报告：市场规模、竞争格局及增速展望

Investment Rating - The report maintains an "Accumulate" rating for the OTA industry [1] Core Insights - The online travel agency (OTA) market in China has reached a transaction scale of 1.1 trillion yuan, with a penetration rate exceeding 60%, evolving into an oligopolistic structure [1][23] - The total tourism revenue in China for 2023 is approximately 5.3 trillion yuan, recovering to 80% of the 2019 level, indicating ongoing growth [1][24] - The report anticipates a growth rate of 10-15% for the overall traffic market in 2024, with transaction scale growth around 15% [3] Summary by Sections 1. Overview of the Chinese Online Travel Industry - The OTA industry aggregates various tourism resources and information, linking them to end consumers [23] - The domestic tourism spending in 2023 is estimated at 4.9 trillion yuan, recovering to 86% of the 2019 level [24] - The online travel market is expected to reach 1.1113 trillion yuan in 2023, surpassing the 2019 level [30] 2. OTA Market Structure - The competitive landscape is characterized by a few dominant players, with significant resource accumulation and delivery capabilities [3] - Major players like Ctrip leverage high-frequency payment and social media traffic strategies [3] 3. Demand Outlook - The report highlights a robust domestic tourism market and a gradual recovery in outbound tourism, supported by favorable policies [3] - The report suggests that the OTA platforms will benefit from the high growth of inbound and domestic tourism [3] 4. Investment Recommendations - The report recommends focusing on companies such as Tongcheng Travel, Ctrip Group, and China Civil Aviation Information Network, which are key players in the OTA industry [3]