海外消费周报：携程和同程发布三季报

Investment Rating - The report maintains a "Buy" rating for both Trip.com and Tongcheng Travel, with target prices adjusted to HKD 611 and HKD 22.5 respectively [7][8]. Core Insights - Trip.com reported a 16% year-on-year revenue increase to CNY 15.9 billion in Q3 2024, with outbound travel revenue growing 40%, returning to 2019 levels. Q4 2024 is expected to see over 30% growth [7]. - Tongcheng Travel's Q3 2024 revenue rose 51% year-on-year to CNY 5 billion, with adjusted net profit increasing 47% to CNY 910 million, driven by efficiency improvements [8]. - The report highlights the potential for both companies to capture market share in the online travel sector, with Trip.com showing strong growth in international markets and Tongcheng Travel focusing on cost reduction and marketing efficiency [7][8]. Summary by Sections 1. Overseas Strategy - The report discusses the verification of policy effects as a pathway to mitigate potential market risks, indicating a cautious market outlook until the central economic work conference outlines next year's economic direction [6]. 2. Overseas Consumer Services 2.1 Trip.com Q3 Report - Trip.com achieved a 16% revenue growth to CNY 15.9 billion in Q3 2024, with a non-GAAP operating profit of CNY 5.5 billion, exceeding expectations due to better-than-expected marketing expenses [7]. - Outbound travel revenue increased by 40% year-on-year, with expectations for Q4 2024 to exceed 30% growth [7]. - The Trip.com brand saw a 60% revenue increase in Q3, contributing 9% to total revenue, with expectations to maintain over 50% growth in Q4 [7]. 2.2 Tongcheng Travel Q3 Report - Tongcheng Travel's revenue grew 51% year-on-year to CNY 5 billion in Q3 2024, with adjusted net profit rising 47% to CNY 910 million, surpassing expectations due to efficiency improvements [8]. - The core OTA business revenue increased by 22%, with a record monthly paid user count of 46.4 million [8]. - International hotel room nights and international flight ticket volumes grew by 130% and 110% respectively, with expectations for outbound travel to turn profitable next year [8]. 3. Key Focus Areas - The report emphasizes the importance of monitoring companies such as Trip.com (09961.HK), Tongcheng Travel (00780.HK), Sands China (01928.HK), and Yum China (09987.HK) for potential investment opportunities [11].