Investment Rating - The investment rating for the company is "Outperform the Market" [6][4][18] Core Views - The company is expected to achieve resilient revenue growth in Q3, with a projected year-on-year revenue increase of 9.8% and an adjusted net profit growth of 14.3% [1][9] - The core OTA business is performing well, with OTA revenue expected to grow by 14.9% year-on-year in Q3, driven by strong growth in accommodation booking and transportation services [2][10] - The acquisition of Wanda Hotel Management has been completed, enhancing the company's supply chain and positioning it among the top 10 hotel management companies in China [3][11] Summary by Sections Revenue and Profitability - Q3 revenue is projected to grow by 9.8% year-on-year, with adjusted net profit expected to increase by 14.3% [1][9] - The OTA business is anticipated to see a 14.9% increase in revenue, with accommodation bookings expected to rise by 14.5% and transportation services by 9.5% [2][10] Business Segments - The OTA segment is expected to benefit from a combination of online market penetration and international business growth, while the vacation segment is under pressure, with a projected revenue decline of 11% due to low outbound travel willingness in Southeast Asia [2][10] - The acquisition of Wanda Hotel Management is expected to positively impact profitability, with the company now managing over 2,700 hotels and a significant expansion in high-end hotel offerings [3][11] Financial Projections - The company forecasts adjusted net profits of 33.7 billion, 39.3 billion, and 45.3 billion for 2025, 2026, and 2027 respectively, with corresponding dynamic PE ratios of 14, 12, and 11 [4][5] - Revenue is expected to reach 11.896 billion in 2023, growing to 24.712 billion by 2027, reflecting a compound annual growth rate of approximately 12% [5][16]
同程旅行（00780）：预计Q3业绩韧性增长，万达酒管交割落定