Investment Rating - The report maintains an "Accumulate" rating for the company [1][4]. Core Insights - The company's Q1 2024 performance met expectations, with increased investment in international business impacting core OTA profit margins. The company continues to benefit from the rising travel demand in domestic and lower-tier markets [4]. - The adjusted net profit for 2024, 2025, and 2026 is projected at 2.715 billion, 3.291 billion, and 4.002 billion RMB respectively. The target market capitalization is raised to 54.3 billion RMB, corresponding to 59.1 billion HKD, with a target price adjustment to 25.97 HKD [4]. - Q1 2024 revenue reached 3.866 billion RMB, a 49.5% increase year-on-year, with adjusted EBITDA of 820 million RMB, up 12% [4]. Financial Summary - The company reported a revenue of 5,933 million RMB in 2020, which is expected to grow to 17,097 million RMB in 2024, reflecting a year-on-year growth of 43.72% [5]. - The adjusted net profit is projected to increase from 926 million RMB in 2020 to 2,715 million RMB in 2024, showing a significant recovery from previous years [5]. - The adjusted EBITDA margin is expected to stabilize around 18.10% in 2024, indicating a healthy operational performance [5].
同程旅行：2024年Q1业绩点评：业绩符合预期，加码国际业务投入