Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company has shown robust growth in its core business and is advancing its international and vertical expansion strategies [1] - The company's Q1 2024 revenue reached 3.87 billion RMB, a year-on-year increase of 49.5%, driven by market trends and strategic expansion plans [1][4] - The adjusted net profit for Q1 2024 was 560 million RMB, reflecting an 11% year-on-year increase, with a net profit margin of 14.4% [1][4] Revenue and Profitability - The company's Q1 2024 total transaction volume was 65.9 billion RMB, up 15.2% year-on-year [1] - The core online travel platform generated revenue of 3.2 billion RMB in Q1 2024, a 23.9% increase year-on-year, with a profit margin of 22.6% [4] - The vacation business achieved revenue of 660 million RMB in Q1 2024, with a profit margin of 6.6% [3] User Growth and Market Penetration - The average monthly paid user count reached 42.6 million, a 2.9% year-on-year increase, while the annual paid user count grew to 230 million, a 14.3% increase [1][5] - Over 70% of paid users are from non-first-tier cities in China, indicating a strong penetration into lower-tier markets [5] Future Projections - Revenue forecasts for 2024-2026 are adjusted to 17.7 billion, 20.7 billion, and 23.3 billion RMB respectively, with net profits projected at 2 billion, 2.5 billion, and 2.9 billion RMB [5][6] - The target market capitalization for 2024 is set at 50.1 billion RMB, with a target price of 24 HKD per share [5]
同程旅行：2024Q1财报点评：核心业务稳健增长，推进国际及垂直扩张