Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Insights - The company reported a revenue of 4.377 billion yuan in Q1 2025, representing a year-on-year increase of 13.2%, and an adjusted net profit of 788 million yuan, up 41.1% year-on-year [1]. - The core OTA revenue reached 3.792 billion yuan in Q1 2025, with a robust year-on-year growth of 18.4% [2]. - The gross profit margin for Q1 2025 was 68.8%, an increase of 3.8 percentage points year-on-year, driven by revenue growth and scale effects [3]. - The company announced an agreement to acquire 100% of the shares of Wanda Hotel Management (Hong Kong) on April 17, 2025, which is expected to enhance its high-end hotel management capabilities [3]. Revenue and Profitability Summary - The company's revenue from accommodation bookings in Q1 2025 was 1.19 billion yuan, up 23.3% year-on-year, primarily due to an increase in take rate and cross-selling rates [2]. - Traffic ticket revenue reached 2 billion yuan in Q1 2025, a year-on-year increase of 15.2%, supported by the expansion of international ticket sales [2]. - Other business revenue was 603 million yuan, reflecting a 20.0% year-on-year growth, driven by hotel management and advertising services [2]. - The adjusted net profit margin for Q1 2025 was 18.0%, up 3.6 percentage points year-on-year [3]. Financial Forecast and Valuation - The report forecasts adjusted net profits of 3.393 billion yuan, 4.060 billion yuan, and 4.647 billion yuan for the years 2025, 2026, and 2027, respectively [4]. - The current stock price corresponds to adjusted P/E ratios of 13, 11, and 10 for the years 2025 to 2027 [4].
同程旅行（00780）：25年开局良好，核心OTA利润率持续提升