支撑评级的要点 同程旅行：下沉市场的OTA 龙头。公司由同程网和艺龙合并而来，是中国领先的一站式旅游服务平 台，目前已成功跻身OTA 行业前三。核心业务为在线旅游平台，为用户提供包括交通、住宿预订及各 种配套增值旅游产品及服务。疫后公司业绩迅速反弹并屡创新高，2024 年公司实现营收173.4 亿元，同 比+45.8%；经调整净利润 27.9 亿元，同比+26.7%。 OTA 行业：受益于旅游市场高景气度，博弈加剧冲击有限。1）规模： 受益于文旅行业高景气度，24 年在线旅游市场规模重回万亿。低线城市当前渗透率低，且旅游花费增 速高，未来为重要增量市场。交通在线预订GMV 占比较高，渗透率超8 成；住宿在线预订渗透率仍处 爬升阶段。 机构：中银证券 研究员：李小民/宋环翔 同程旅行作为国内下沉市场的OTA 龙头企业，有望享受大众旅游的时代红利，背靠腾讯和携程两大股 东，自身流量和供给资源优势显著。首次覆盖，给予买入评级。 2）格局：当前市场为一超多强，携程占据半壁江山，同程，美团，飞猪等平台错位竞争，各立山头。 内容、电商平台加速入局，流量端优势显著，但供应链资源仍显不足，对格局冲击有限。3）议价能 力：交通 ...

Core Insights - The report highlights the strong growth potential of Tongcheng Travel, a leading OTA in China's lower-tier markets, benefiting from the tourism boom and support from major shareholders Tencent and Ctrip [3][6][8] - In 2024, Tongcheng Travel is projected to achieve revenue of CNY 17.34 billion, a year-on-year increase of 45.8%, and an adjusted net profit of CNY 2.79 billion, up 26.7% year-on-year [6] Company Overview - Tongcheng Travel is formed from the merger of Tongcheng and eLong, positioning itself as a top three player in the OTA industry, providing comprehensive travel services including transportation and accommodation bookings [6][8] - The company has a significant user base from non-first-tier cities, allowing it to capitalize on the growth in lower-tier markets [8] Industry Analysis - The online travel market is expected to exceed CNY 1 trillion in 2024, driven by high demand in the cultural tourism sector and low penetration rates in lower-tier cities [7] - The current market structure is characterized by a dominant player (Ctrip) and several strong competitors (Tongcheng, Meituan, Feizhu), with a focus on differentiated competition [7] - The bargaining power in the transportation sector is low due to high supplier concentration, while the accommodation sector has a higher bargaining power with lower supplier concentration [7]

Investment Rating - The report assigns a "Buy" rating to the company, with an initial coverage date of July 8, 2025 [1][4]. Core Insights - The company is positioned as a leading player in the domestic OTA market, particularly benefiting from the growth in lower-tier markets and the overall tourism boom. It is backed by major shareholders Tencent and Trip.com, which provide significant advantages in customer acquisition and supply chain resources [4][6][9]. Summary by Sections Company Overview - The company, formed from the merger of Tongcheng and eLong, is a top-tier one-stop travel service platform in China, successfully ranking among the top three in the OTA industry [17]. Shareholding Structure - The company has a concentrated shareholding structure, with major shareholders Tencent and Trip.com holding 24.07% and 20.46% respectively, facilitating deep collaboration in business operations [18][21]. Business Breakdown - The core OTA business includes transportation and accommodation bookings, contributing approximately 50% and 30% of revenue respectively. The company is expanding into hotel management and vacation services, enhancing its competitive edge [23]. Financial Performance - The company has shown strong recovery post-pandemic, with revenues of RMB 11.896 billion in 2023 and projected growth to RMB 19.624 billion by 2025, reflecting a growth rate of 80.7% and 45.8% respectively [8][31]. Adjusted net profit is expected to reach RMB 27.07 billion in 2025 [6]. OTA Industry Insights - The online travel market in China is projected to exceed RMB 1 trillion in 2024, with a significant increase in online transaction rates, indicating a robust recovery and growth potential in the sector [39][46]. Competitive Landscape - The OTA market is characterized by a high concentration of major players, with Trip.com leading the market share. The competitive dynamics are stable, with companies leveraging unique strengths to capture different market segments [49][52]. Pricing Power - The pricing power of the company is influenced by the concentration of upstream resources, particularly in transportation and accommodation sectors, which affects commission rates and overall profitability [56][59].

以下文章来源于智谷趋势Trend ，作者澜瑟 布语 智谷趋势Trend . 新中产的首席财富顾问 来 源丨智谷趋势（ID： zgtrend ） 作者丨澜瑟 布语 编辑丨王战新 又一个泡沫破了！ 被寄予厚望的旅游，突然成了2025年最难做的生意。 近日，青海省旅游投资集团股份有限公司（以下简称"青海旅投"）及下属13家公司集体破产清算，给整个旅游圈带来不小的震撼。 这家曾喊出"三年投融资百亿，五年上市"的省级国资文旅平台，干光4.8亿注册资本，整个过程充满荒诞：高管团灭、2371万投给无产权营地、收购资不抵 债公司倒贴3000万…… 云南、张家界、桂林、西安、大连、西藏等地的文旅公司，个个都处于困顿期。 截至目前，有44家上市公司披露了一季度财报，其中有25家营收负增长， 占整体的56.8%。 | 排名 | 证券代码 | 公司名称 | 营收(单位/亿元) | 归母净利润(单位/亿元 | | --- | --- | --- | --- | --- | | 1 | 601888.SH | 中国中免 | 167.46 | 19.38 | | 2 | 600655.SH | 豫园股份 | 87.82 | 0.52 | ...