免税购物与海岛度假深度融合，成为众多游客的"新年俗"。据海口海关统计，春节假期，海口海关共监 管离岛免税购物金额27.2亿元，较去年春节假期增长30.8%；销售件数199.7万件，同比增长21.9%；购 物人数32.5万人次，同比增长35.4%。 86国人员免签入境、邮轮入境15天免签政策、入境通关流程简化，叠加海南独特的资源优势，吸引了大 量境外游客来海南旅游过年。海口出入境边防检查总站数据显示，截至2月23日17时，春节假期，海南 边检机关共验放出入境人员8.6万余人次，客流量较去年春节增长43.3%。 海南自贸港全岛封关后的首个春节假期，自贸港政策红利持续释放，旅游消费市场火热。记者2月24日 从海南省旅游和文化广电体育厅获悉，今年春节假期，海南接待游客1232.05万人次，游客总花费达 183.66亿元，与去年春节假期相比分别增长28.9%和30.7%。 海南精心策划海口万春会、"博物馆里过大年"等文旅体活动和一系列旅游新项目、新产品，以全新的游 玩体验，持续激发市场活力。海南省旅文厅相关负责人表示，海南将持续深挖自贸港政策优势与本土文 旅资源，不断优化产品供给、提升服务质量、完善监管体系，持续擦亮海 ...

Investment Rating - The report assigns a "Hold" rating for the company with a target price of $65.00, representing a potential upside of 13.4% from the current price of $57.30 [4][5]. Core Insights - The company is expected to achieve significant revenue growth, with projected revenues of RMB 61.1 billion in 2025, reflecting a 14.5% increase from 2024 [3][5]. - Non-GAAP net profit is forecasted to reach RMB 19.0 billion in 2025, showing a modest growth of 5.4% compared to 2024 [3][5]. - The company is experiencing robust domestic travel demand while also seeing a strong recovery in international travel, with outbound travel expected to grow significantly due to increased flight availability and relaxed visa processes [5][6]. - The report highlights the potential for inbound tourism growth, particularly from countries with visa-free access to China, with a projected booking increase of over 100% year-on-year [5][6]. Financial Summary - For the fiscal year ending December 31, 2023, the company reported revenues of RMB 44.5 billion, a 122.2% increase year-on-year, and a non-GAAP net profit of RMB 9.5 billion, up 635.5% [3][6]. - The company’s gross margin is expected to stabilize around 81% in the coming years, with operating profit margins projected to remain around 24% [6][9]. - The balance sheet shows total assets of RMB 219.1 billion in 2023, with total liabilities of RMB 96.1 billion, indicating a healthy equity position [7][10]. Business Segments Performance - The company’s revenue from accommodation bookings, transportation ticketing, and vacation packages is expected to grow by 25.2%, 10.1%, and 38.1% respectively in 2024 [5][6]. - The international business segment, particularly Trip.com, is anticipated to contribute significantly to revenue, with a projected 70% year-on-year growth in Q4 2024 [5][6]. Market Outlook - The report emphasizes the strategic positioning of the company in emerging markets, aiming for market share growth despite potential short-term profit pressures due to international expansion [5][6]. - The company is expected to benefit from macroeconomic factors such as increased consumer spending in the tourism sector, supported by government initiatives like consumption vouchers [5][6].