Huaan Securities·2024-05-26 05:31Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported strong Q1 2024 performance with revenue reaching 11.9 billion, a year-on-year increase of 29%, and non-GAAP net profit of 4.055 billion, up 34% [4] - International travel demand is surging, with international OTA platform revenue growing over 80% due to favorable visa policies and increased flight capacity [4] - Domestic tourism remains robust, with hotel and flight bookings increasing over 20% year-on-year, particularly in lower-tier cities [4] - The company expects significant revenue growth driven by international business, forecasting revenues of 55.1 billion, 65.5 billion, and 74.5 billion for 2024, 2025, and 2026 respectively [4] Financial Performance Summary - For Q1 2024, the company achieved a non-GAAP EBITDA margin of 33.3%, an increase of 2.7 percentage points year-on-year [4] - The revenue breakdown for Q1 2024 includes accommodation bookings at 4.5 billion (up 29%), transportation ticketing at 5 billion (up 20%), vacation services at 883 million (up 129%), and business travel management at 511 million (up 15%) [4] - The company projects non-GAAP net profits of 16.045 billion, 18.812 billion, and 20.477 billion for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 22.8%, 17.2%, and 8.9% [5][6]