Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company's total revenue for 2023 is projected at 11,896 million, with a year-on-year growth of 80.67%. For 2024, revenue is expected to reach 17,341 million, reflecting a growth of 45.77% [1] - The net profit attributable to shareholders for 2023 is forecasted at 1,554 million, showing a significant year-on-year increase of 1,164.41%. The net profit for 2024 is anticipated to be 1,974 million, representing a growth of 27.04% [1] - The report highlights a robust performance in the core OTA segment, with a projected revenue growth of 15-20% for 2025, driven by increased user engagement and improved operational efficiency [9][10] Financial Projections - Total revenue is expected to grow from 17,341 million in 2024 to 25,232 million by 2027, with a compound annual growth rate (CAGR) of approximately 13% [1] - The net profit attributable to shareholders is projected to increase from 1,974 million in 2024 to 3,391 million by 2027, indicating a strong growth trajectory [1] - The report anticipates an increase in earnings per share (EPS) from 0.85 in 2024 to 1.46 in 2027, reflecting a positive outlook for profitability [1] User Engagement and Market Position - The average revenue per user (ARPU) has increased by 44%, with the frequency of user purchases rising to 8.1 times annually, up from 7.5 times in 2023 [9] - The company has successfully reduced user subsidies, leading to improved profit margins and operational efficiency [9][10] - The report notes a significant recovery in cross-border travel, contributing to the overall growth of the company's revenue streams [9]
同程旅行：2024年业绩公告点评：OTA收入稳健增长，利润率持续提升-20250322