社会服务行业行业月报：12月投资前瞻-OTA行业持续占优，关注汽服市场困境反转

Investment Rating - The report maintains a recommendation for the social services sector [5] Core Insights - The social services sector showed a mixed performance in November, with the hotel and restaurant segment increasing by 5.0%, while education declined by 5.7% [2] - The education sector is highlighted for its strong growth potential, particularly for private high schools, with Tianli International Holdings reporting a revenue of 3.32 billion yuan, a year-on-year increase of 44% [2][15] - The online travel agency (OTA) sector is expected to continue its profit margin improvement, driven by a shift in consumer habits and reduced market competition [3][15] - The duty-free market in Hainan is under pressure, with sales in October dropping to 2.14 billion yuan, a year-on-year decrease of 35% [4][15] - The automotive service market is anticipated to see a turnaround by 2025, with major players exploring opportunities in the new energy vehicle sector [4][15] Summary by Sections Education - Tianli International Holdings exceeded expectations for FY24 with a revenue of 3.32 billion yuan, up 44% year-on-year, and a net profit of 560 million yuan, up 66% [2][15] - The private high school segment is performing better than higher education, benefiting from policy optimization and a robust dividend payout [2][15] Tourism - OTA leaders reported better-than-expected Q3 results, indicating a trend of improving profit margins due to a shift in consumer behavior and reduced competition [3][15] - Ctrip is gaining market share in outbound tourism, contributing to higher profit margins in its international hotel business [3][15] Duty-Free - Hainan's duty-free sales faced significant declines, with a 35% drop in sales and a 29% decrease in shopping visits in October [4][15] - The report anticipates a potential easing of the decline in visitor numbers in November, although overall consumer sentiment remains a concern [4][15] Automotive Services - The automotive service market is projected to experience a turnaround by 2025, with major players like Zhongsheng Holdings and Yongda Automotive forming strategic partnerships to capitalize on new energy vehicles [4][15]