招银国际每日投资策略

Group 1: Ctrip (TCOM US) - Ctrip's 1Q24 net revenue reached RMB 11.9 billion, a year-on-year increase of 29.4%, exceeding expectations by 3%[8] - Non-GAAP operating profit was RMB 3.8 billion, better than the forecast of RMB 3.2 billion, driven by scale effects and lower market expenses[8] - Target price raised to $65.8 based on DCF, reflecting strong international expansion potential and a 24/25 non-GAAP PE of 24/20 times[8] Group 2: Xpeng Motors (XPEV US) - Xpeng's 1Q24 total revenue was 4% higher than previous forecasts, primarily due to better-than-expected average selling prices[2] - Comprehensive gross margin was 12.9%, exceeding expectations by 1.8 percentage points, while vehicle gross margin was only 5.5%, below expectations due to impairment provisions related to the P5 model[2] - Net loss for 1Q24 was RMB 1.4 billion, narrowing by approximately RMB 200 million compared to previous forecasts[2]