Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 23.3 [3][2] Core Insights - The company's Q1 performance slightly exceeded expectations, with total revenue of HKD 3.87 billion, a year-on-year increase of 49%, driven by a 24% increase in core OTA business revenue [1][2] - The vacation business contributed an additional HKD 660 million in revenue, accounting for 17% of total revenue [1] - Adjusted net profit for Q1 was HKD 560 million, up 11% year-on-year, with a profit margin of 14.4% [1][2] - The core OTA operating profit was HKD 720 million, with an operating profit margin of 22.6%, reflecting a year-on-year decline of 3.7 percentage points [1] Summary by Sections Q1 Performance - Total revenue reached HKD 3.87 billion, exceeding market expectations by 4% [1] - Core OTA business revenue grew by 24%, with transportation ticketing and accommodation booking services increasing by 26% and 16% respectively [1] - The vacation business's operating profit was HKD 44 million, with a profit margin of 6.6% [1] Core OTA Business Growth - Overall GMV increased by 15% year-on-year to HKD 65.9 billion, driven by growth in transportation ticketing and accommodation bookings [1] - Domestic hotel night volume increased by approximately 10%, while domestic flight bookings rose by about 30% [1] - International business saw hotel night volume and flight bookings increase by over 150% and 260% respectively [1] Vacation Business Potential - The vacation business is expected to recover to 70% of 2019 levels for domestic travel and 30% for outbound travel [1] - The long-term operating profit margin for the vacation business is projected to be in the low single digits, impacting overall profit margins [1] User Value and Channel Development - The average annual spending per user increased to HKD 1,091, a 48% year-on-year increase [2] - The number of black whale members exceeded 55 million, with their spending being 2.5 times that of regular users [2] Financial Forecasts - Revenue for Q2 is expected to grow by 50% year-on-year, with core OTA revenue growth projected at 24% [2] - The adjusted net profit forecast for the year remains unchanged at HKD 2.7 billion, corresponding to a profit margin of 14.9% [2]
同程旅行：核心OTA业务稳健增长，维持全年净利润预测