25年开局良好，核心OTA利润率持续提升——同程旅行（0780.HK）2025年一季度业绩点评

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 year-on-year growth of 18.4%, driven by strong performance in international accommodation and ticketing [2]. - The gross margin for Q1 2025 was 68.8%, an increase of 3.8 percentage points year-on-year, benefiting from scale effects due to revenue growth [3]. - The adjusted net profit margin reached 18.0%, up 3.6 percentage points year-on-year, while the core OTA profit margin was 29.2%, reflecting a year-on-year increase of 6.6 percentage points [3]. - The company announced an agreement to acquire 100% of Wanda Hotel Management (Hong Kong) Co., Ltd., which is expected to enhance its high-end hotel management capabilities [3]. Revenue and Profit Forecast - The company is projected to achieve 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].