Investment Rating - The report maintains a "Buy" rating for the company [1][9]. Core Insights - The company has shown continuous improvement in profit margins, with a focus on international expansion performance [3][6]. - In Q1 2025, the company achieved revenue of 4.4 billion yuan, representing a year-over-year increase of 13%, and an adjusted net profit of 790 million yuan, up 41% year-over-year, with an adjusted net profit margin of 18%, an increase of 3.6 percentage points year-over-year [5][6]. Financial Performance - The core online travel platform generated revenue of 3.8 billion yuan in Q1 2025, a year-over-year increase of 18%, with an operating profit margin of 29.2%, up 6.6 percentage points year-over-year [6]. - Revenue from transportation ticketing reached 2 billion yuan, up 15% year-over-year, benefiting from increased demand and enhanced value-added services [6]. - Accommodation bookings generated 1.2 billion yuan in revenue, a 23% year-over-year increase, with international hotel night volume growing over 50% [6]. - The vacation business faced short-term revenue pressure, generating 590 million yuan, down 11.8% year-over-year, due to safety issues in Southeast Asia [6]. User Metrics - The average monthly paying user count reached 46.5 million, a 9.2% year-over-year increase, with annual paying users totaling 247 million, up 7.8% year-over-year [6]. - Over 87% of registered users reside in non-first-tier cities in China, with 68% of new paying users from these areas, reinforcing the platform's position in the mass market [6]. Future Projections - Revenue forecasts for 2025-2027 are adjusted to 19.3 billion, 22.1 billion, and 24.9 billion yuan respectively, with net profits projected at 2.7 billion, 3.0 billion, and 3.5 billion yuan [8]. - The target market capitalization for 2025 is set at 51.4 billion yuan, with a target price of 24 HKD per share [8].
同程旅行（00780）：利润率持续改善，关注国际扩张表现