Investment Rating - The report maintains a "Buy" rating for the company [1][9]. Core Insights - The core online travel agency (OTA) platform shows strong growth momentum, with notable performance in international business. In Q4 2024, the core OTA achieved revenue of 3.46 billion yuan (up 20% year-on-year) and an operating profit margin of 28.4% (up 4.8 percentage points year-on-year) [5]. - The company reported a total revenue of 4.24 billion yuan in Q4 2024, representing a year-on-year increase of 34.8%, and an adjusted net profit of 660 million yuan (up 36.8% year-on-year) [4][5]. - The company is focusing on vertical expansion in the vacation business, which contributed additional revenue, achieving 780 million yuan in Q4 2024 [5]. Financial Performance - For the fiscal year 2024, the company achieved a total transaction volume of 54.7 billion yuan (up 2.2% year-on-year) [4]. - The average monthly paying user count reached 41 million in Q4 2024, a year-on-year increase of 9.3%, with the total annual paying user count reaching 238 million (up 1.5% year-on-year) [5]. - The company’s revenue projections for 2025-2027 are adjusted to 19.5 billion, 22.8 billion, and 25.8 billion yuan respectively, with corresponding net profits of 2.56 billion, 3.08 billion, and 3.61 billion yuan [8]. Market Position - The company is positioned as a leading OTA platform in the lower-tier market, benefiting from the release of domestic travel demand, increased penetration in lower-tier markets, and the recovery of international business [8]. - The company’s market capitalization target for 2025 is set at 49.9 billion yuan, with a target price of 23 HKD per share [8].
同程旅行（00780）：2024Q4财报点评：核心OTA盈利持续改善，关注国际扩张表现