Investment Rating - The investment rating for the company is "Buy" with a target price raised to HKD 24.00, indicating a potential upside of 27.8% from the current price of HKD 18.78 [1][8]. Core Insights - The company's quarterly performance exceeded expectations, driven by the consolidation of travel business, with revenue reaching RMB 3.1 billion, a year-on-year increase of 110% [1][2]. - The adjusted net profit for the quarter was RMB 480 million, with a net profit margin of 15%, slightly above expectations [1][2]. - The report anticipates a revenue growth of 20-25% for the full year, with a profit increase of 23% [2][3]. Financial Performance Summary - For the fiscal year ending December 31, 2023, the company is projected to generate revenue of RMB 11.896 billion, a year-on-year growth of 80.7% [3][8]. - The adjusted net profit for 2023 is expected to be RMB 2.199 billion, reflecting a significant recovery from the previous year [3][8]. - The earnings per share (EPS) for 2023 is forecasted at RMB 0.98, with a substantial year-on-year growth of 236.7% [3][8]. Revenue Breakdown - The company's revenue is expected to be driven by the traditional OTA business, with a projected 22% year-on-year growth in Q1 2024 [2][3]. - The travel segment, including transportation and accommodation, is anticipated to see significant growth, with accommodation nights increasing by 70% compared to 2019 levels [2][3]. - The overall revenue for 2024 is projected to reach RMB 17.458 billion, with a growth rate of 46.8% [3][8]. Valuation and Market Position - The report has adjusted revenue and profit forecasts for 2024 upwards by 28% and 7% respectively, maintaining a price-to-earnings ratio of 18 times for 2024 [2][3]. - The company is well-positioned to benefit from the ongoing recovery in domestic travel demand and has a competitive advantage in lower-tier markets [2][3]. - The integration of the travel business is expected to enhance resource synergy and provide long-term growth opportunities [2][3].
4季度业绩因并表旅业胜预期；上调2024年OTA收入增速至20%+