Investment Rating - The report maintains an "Accumulate" rating for the company [1][4]. Core Insights - The company's Q1 2024 performance met expectations, with total revenue of 3.881 billion yuan, a year-on-year increase of 45.3%, and a net profit attributable to shareholders of 397 million yuan, up 5.0% year-on-year [3]. - The company is experiencing robust growth in its other business segments, with Q1 2024 revenue from these segments totaling 1.165 billion yuan, driven by advertising, membership services, and hotel management [3]. - The company is actively enhancing its cross-selling strategies and increasing investments in international ticketing, which has led to a significant rise in international ticket sales, up 260% year-on-year [3]. Financial Forecasts - The company forecasts total revenue to grow from 11.896 billion yuan in 2023 to 24.115 billion yuan by 2026, reflecting a compound annual growth rate (CAGR) of approximately 15.30% [2][4]. - Net profit attributable to shareholders is expected to increase from 1.554 billion yuan in 2023 to 3.540 billion yuan by 2026, with a projected CAGR of 25.00% [2][4]. - The report anticipates earnings per share (EPS) to rise from 0.68 yuan in 2023 to 1.56 yuan by 2026, indicating a strong growth trajectory [2][4]. Market Performance - The company's stock closed at 17.60 HKD, with a market capitalization of approximately 40.05 billion HKD [5]. - The stock has seen a 52-week range between 13.12 HKD and 22.55 HKD, indicating volatility in market performance [5]. User Engagement and Market Strategy - As of Q1 2024, the company reported 229 million annual paying users, with a purchase frequency of 8.0 times per user, reflecting an increase in user engagement [3]. - The company is focusing on penetrating lower-tier markets, with 87% of registered users residing outside first-tier cities, and over 70% of new paying users from these areas [3].
同程艺龙控股有限公司：同程旅行（00780）：2024Q1业绩点评：业绩符合预期，其他业务高速增长