Investment Rating - The report maintains a "Buy" rating for the company with a 6-month target price of HKD 22.5, representing a 27% upside from the current price [7][4] Core Views - The company's core OTA business profitability improved significantly, driving overall net profit above expectations [1][2] - Core OTA operating margin increased by 6 percentage points YoY to 31% in Q3 2024 [1][2] - Adjusted net profit reached a record high of RMB 910 million in Q3 2024, exceeding expectations by 14% [2] - The company's overall monetization rate improved to 6.9% in Q3 2024, up from 4.6% in Q3 2023 [3] Business Performance - Total revenue in Q3 2024 reached RMB 4.991 billion, a 51% YoY increase [2] - Core OTA revenue grew 22% YoY, with accommodation booking and transportation ticketing revenues increasing by 22% and 21% respectively [2] - Vacation business contributed RMB 980 million, accounting for 20% of total revenue [2] - International ticket bookings increased by over 110% YoY, while international hotel room nights grew by over 130% [3] User Metrics - APU (Annual Paying Users) reached 230 million, with annual spending per user increasing 15% YoY to RMB 1,095 [3] - MPU (Monthly Paying Users) grew 5% YoY to 46.4 million [3] - Black Whale membership exceeded 78 million, with spending 2.7 times that of regular users [3] Financial Projections - Core OTA revenue is expected to grow 18% in 2025, driven by cross-selling, user value growth, and international business expansion [4] - Adjusted net profit margin is projected to improve to 17% in 2025 [4] - The company is valued at 14x 2025 P/E, with a target price of HKD 22.5 [4] Operational Highlights - Accommodation booking ADR declined less than 5% YoY, with room nights maintaining growth [3] - Air ticket bookings grew 20% YoY, outperforming the overall civil aviation growth rate of 12% [3] - 15-day cross-selling rate improved by 2 percentage points to 12% [3]
同程旅行：核心OTA利润率提升显著；上调目标价