Investment Rating - The report maintains a "Buy" rating for the company, with an increased target price of HKD 24 [1][2]. Core Insights - The report highlights that during the Qingming Festival, the average spending per tourist exceeded 2019 levels, with a total of 539.5 billion RMB spent, marking a 12.7% increase compared to the same period in 2019 [1]. - For the upcoming May Day holiday, there is a strong booking trend, with domestic flight prices rising above those during the Qingming Festival, indicating continued confidence in the tourism sector [1]. - The company is expected to benefit from the ongoing recovery in the tourism industry, particularly through the appeal of trendy cities attracting younger consumers [1]. Financial Summary - The company is projected to generate revenue of 37.2 billion RMB in Q1 2024, representing a 44% year-on-year growth, with accommodation revenue expected to reach 9.4 billion RMB [1][2]. - Transportation revenue is anticipated to be 17.0 billion RMB, reflecting a 23% year-on-year increase [2]. - The adjusted net profit for FY24E is forecasted at 2.546 billion RMB, with an adjusted target PE of 20.0x for FY24E [2].
清明假期旅游人均消费超2019年，五一黄金周预定热度依然高涨