香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因依 賴該等內容而引致的任何損失承擔任何責任。 Tongcheng Travel Holdings Limited 同程旅行控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：0780） 截至二零二四年六月三十日止三個月及六個月之業績公告 本公司董事會欣然公佈本集團截至二零二四年六月三十日止三個月及六個月未經 審核綜合業績，連同二零二三年同期比較數字。 截至二零二四年六月三十日止三個月 1 • 收入由二零二三年第二季度的人民幣2,866.3百萬元同比增加48.1%至二零二 四年同期的人民幣4,245.4百萬元。 • 經調整EBITDA由二零二三年第二季度的人民幣805.8百萬元增加13.4%至二 零二四年第二季度的人民幣913.5百萬元。經調整EBITDA利潤率由二零二三 年第二季度的28.1%下降至二零二四年同季度的21.5%。 • 經調整溢利淨額由二零二三年第二季度的人民幣592.4百萬元增加10.9%至二 零二四年同季度的人民幣656. ...

浦银国际研究 财务模型更新 | 互联网行业 同程旅行（780.HK）：核心业务预计 稳健增长，暑期出游呈现量涨价跌 随着行业需求稳健复苏，我们预计公司二季度收入同比增长 48%至人 民币 42.5 亿元，基本符合我们先前预期。其中，我们预计住宿收入同 比增长 14%，交通票务收入同比增长 16%，度假业务收入预计达到 7.2 亿元。由于度假业务利润率较低，以及公司加大海外业务投资，我们 预计二季度调整后净利润同比增长 4.1%至 6.2 亿元，调整后净利率同 比下降 6.2pp 至 14.5%。随着高基数效应消退，我们预计公司下半年核 心 OTA 同比增速或快于上半年。 暑期旅游需求保持良好势头，根据民航局预测，暑期旅客运输总量有 望达到 1.33 亿人次，较 2019 年增长 10%。出境游需求强劲，国际航 线运力明显提升，国际酒店供应链基本恢复到 2019 年水平。根据航旅 纵横大数据，暑运前半个月，出入境旅客运输量同比增长约 70%。随 着供应端的快速改善，机票及酒店的平均价格同比有所下滑，逐步回 归至常态，这也有助于刺激出行需求，利于行业的可持续增长。 考虑到近期行业平均估值的变化，我们调整目标价至 ...

M N 2024 年 6 月 17 日 招银国际环球市场 | 睿智投资 | 公司更新 同程旅行 (780 HK) 端午韧性增长持续，憧憬 2H24E 利润率回升 目标价 26.10港元 我们于上周举办同程非交易性路演，公司分享了近期端午 OTA 业务趋势，并围绕 潜在升幅 56.1% 海外业务拓张、用户多渠道战略、酒店 ADR 趋势、利润率展望等维度展开探讨。 当前股价 16.72港元 同程端午期间酒店及交通增速均好于大盘，预计 2Q24E 业绩向好，且对全年财务 中国传媒文娱 指引保持乐观。投资人普遍认可公司业务增长及市占提升逻辑，核心顾虑为潜在 黄 群 利润摊薄。我们认为市场对利润率趋势存在过度反应，源于: 1) 海外业务投入摊薄 (852) 3900 0889 影响将于2H24E逐渐减弱；2) 有别于酒店大盘ADR压力，同程酒店ADR保持稳 sophiehuang@cmbi.com.hk 定；3) 旅业利润率因业务属性较OTA存在天然差异。重申同程长期看好观点，憧 公司数据 憬2H24E收入加速增长及利润率回升提振估值，暑期出行及9/10月假期为潜在催 市值(百万港元） 38,063.8 化剂。维持“买 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [1]. Core Insights - The company has shown robust performance in its core business, with outbound travel operations beginning to gain momentum. In Q1 2024, the company achieved revenue of 3.9 billion RMB, a year-on-year increase of 50%, and a net profit of 400 million RMB, up 5% year-on-year [1]. - The company benefits from the recovery of domestic travel demand, with its core OTA business generating revenue of 3.2 billion RMB, a 24% increase year-on-year. The traffic ticketing segment reached a record high with revenue of 1.7 billion RMB, up 26% year-on-year [1][4]. - User base expansion and value release are evident, with the company serving 1.8 billion users, a 57% increase year-on-year, and a monthly active user count of 42.6 million, up 3% year-on-year [1][4]. Financial Performance - The company reported a significant recovery in financial metrics, with 2023 revenue reaching 11.9 billion RMB, an 81% increase year-on-year, and a net profit of 1.6 billion RMB, compared to a loss of 200 million RMB the previous year [4][19]. - The gross margin for Q1 2024 was 65%, down 10 percentage points year-on-year, primarily due to the different business models between online platforms and offline travel agencies [1][4]. - The adjusted net profit for 2024-2026 is projected to be 2.6 billion RMB, 3.3 billion RMB, and 4.2 billion RMB, respectively, with the current stock price corresponding to an adjusted PE of 15X, 12X, and 10X [1][17]. Market Position and Strategy - The company focuses on the lower-tier market, with 86.9% of its registered users residing in non-first-tier cities, and aims to attract younger consumers through creative marketing strategies [7][11]. - The partnership with Tencent provides a stable flow of users, with significant traffic sourced from WeChat, contributing to the company's user growth [11][12]. - The company is actively expanding its overseas business, with outbound travel revenue showing strong growth, particularly in international ticketing and hotel bookings, which increased by 260% and 150% year-on-year, respectively [15][16].

证券研究报告·海外公司点评·旅游及消闲设施(HS) 同程旅行（00780.HK） 2024Q1 业绩点评：业绩符合预期，其他业务 2024 年 05月 26日 高速增长 证券分析师 吴劲草 增持（维持） 执业证书：S0600520090006 wujc@dwzq.com.cn [Table_EPS] 盈利预测与估值 2022A 2023A 2024E 2025E 2026E 证券分析师 石旖瑄 营业总收入（百万元） 6585 11896 17380 20916 24115 执业证书：S0600522040001 同比(%) (12.64) 80.67 46.10 20.34 15.30 shiyx@dwzq.com.cn 归母净利润（百万元） (146.01) 1,554.13 2,171.75 2,832.00 3,540.10 研究助理 王琳婧 同比(%) (120.18) 1,164.41 39.74 30.40 25.00 执业证书：S0600123070017 wanglj@dwzq.com.cn EPS-最新摊薄（元/股） (0.06) 0.68 0.95 1.24 1.56 P/E（现价&最新摊 ...

证券研究报告·海外公司点评·旅游及消闲设施(HS) 同程旅行（00780.HK） 2024Q1 业绩点评：业绩符合预期，其他业务 2024 年 05月 26日 高速增长 证券分析师 吴劲草 增持（维持） 执业证书：S0600520090006 wujc@dwzq.com.cn [Table_EPS] 盈利预测与估值 2022A 2023A 2024E 2025E 2026E 证券分析师 石旖瑄 营业总收入（百万元） 6585 11896 17380 20916 24115 执业证书：S0600522040001 同比(%) (12.64) 80.67 46.10 20.34 15.30 shiyx@dwzq.com.cn 归母净利润（百万元） (146.01) 1,554.13 2,171.75 2,832.00 3,540.10 研究助理 王琳婧 同比(%) (120.18) 1,164.41 39.74 30.40 25.00 执业证书：S0600123070017 wanglj@dwzq.com.cn EPS-最新摊薄（元/股） (0.06) 0.68 0.95 1.24 1.56 P/E（现价&最新摊 ...

2024 年 05 月 25 日 公司研究 评级：买入 (维持 ) 研究所： [Table_Title] 核心业务稳健增长，推进国际及垂直扩张 证券分析师： 陈梦竹 S0350521090003 chenmz@ghzq.com.cn 证券分析师： 张娟娟 S0350523110004 ——同程旅行（ ） 财报点评 0780.HK 2024Q1 zhangjj02@ghzq.com.cn 联系人 ： 罗婉琦 S0350122040042 luowq@ghzq.com.cn 最近一年走势 事件 : 2024年5月21日公司公告2024Q1财报，2024Q1公司实现收入38.7 亿元（yoy+49.5%），主要受市场上升趋势以及公司的战略扩张计划推动； 实现经调整净利润5.6 亿元（yoy+11%），实现经调整净利润率 14.4% （yoy-5pct），主要受度假业务的并表影响；实现总交易额 659 亿元 (yoy+15.2%）。 我们的观点 : 相对恒生指数表现 2024/05/24  核心在线旅游平台：国际业务恢复亮眼。2024Q1核心在线旅游平台 表现 1M 3M 12M 实现营收32亿元（yoy+23.9 ...

Key Points Industry and Company 1. **Industry**: Chinese domestic travel market 2. **Company**: Tongcheng Travel 3. **Focus**: Expansion strategy, user growth, and financial performance Core Views and Arguments 1. **Market Growth**: The Chinese travel industry is experiencing a strong recovery and sustained growth, driven by diverse consumer preferences and robust demand [doc id='1']. 2. **Business Expansion**: The company is consolidating its domestic market position and expanding globally, exploring new business opportunities, and diversifying its product and service offerings [doc id='1']. 3. **Transportation Growth**: Transportation volume and revenue reached new highs, with domestic traffic growing by approximately 30% year-on-year in Q1 2024 [doc id='2']. 4. **International Expansion**: International ticket sales grew by over 260%, driven by demand for travel to Southeast Asia, Japan, and South Korea [doc id='2']. 5. **Hotel Business**: The hotel business, including both hotel management and travel, is a key component of the company's vertical expansion strategy [doc id='2']. 6. **User Growth**: The company has diversified its traffic sources, expanding its user base and achieving significant growth in its independent app [doc id='4']. 7. **Black Whale Membership**: The Black Whale membership program has seen rapid growth, with over 55 million members as of March 31, 2024 [doc id='5']. 8. **Financial Performance**: The company achieved a 29.6% increase in gross profit and a 22.6% profit margin in Q1 2024, driven by strong growth in its core OTA business and new travel business [doc id='6']. 9. **OTA Business**: The OTA business achieved a 7.24 billion yuan operating profit and a 22.6% profit margin in Q1 2024, lower than the previous year due to increased investment in international business [doc id='7']. 10. **International Business**: The company is focusing on expanding its international business, particularly in destinations such as Thailand, South Korea, Malaysia, Singapore, and Japan [doc id='11']. Other Important Points 1. **Cross-selling**: The company achieved a 11% cross-selling rate in Q1 2024, with domestic room nights growing by approximately 10% year-on-year [doc id='2']. 2. **Hotel Management Business**: The company has a portfolio of hotel brands ranging from low to high stars, and the hotel management business is expanding rapidly, with over 1,600 hotels in operation and over 800 more in the pipeline [doc id='2']. 3. **Travel Business**: The travel business, operated through offline travel agency stores, includes packaged tour products developed in-house and requires deep cooperation with TSPs [doc id='3']. 4. **User Acquisition and Engagement**: The company is focusing on diversifying its user acquisition channels, optimizing its app, and investing in brand advertising to strengthen its brand image [doc id='13']. 5. **Capital Allocation**: The company plans to allocate capital to support its organic growth strategy, including technology development, new product and service launches, market expansion, and internal efficiency improvements [doc id='14']. Conclusion Tongcheng Travel is experiencing strong growth in the Chinese travel industry, driven by a robust recovery and sustained demand. The company is expanding its business both domestically and internationally, diversifying its product and service offerings, and focusing on user growth and engagement. The company's financial performance is strong, with significant growth in its core OTA business and new travel business.

股 票 研 究 [Table_industryInfo] 社会服务业 [ Table_Main[ 同 TIna 程fbole] 旅 _T 行itle （] 0780） [评Tab级le_：Inv est] 增持 当前价格（港元）： 18.48 业绩符合预期，加码国际业务投入 2024.05.23 海 ——同程旅行 2024Q1 业绩点评 [ 交Ta易bl数e_据M arket] 外 刘越男(分析师) 于清泰(分析师) 52周内股价区间（港元） 13.56-22.30 公 021-38677706 021-38022689 当前股本（百万股） 2,276 当前市值（百万港元） 42,056 司 liuyuenan@gtjas.com yuqingtai@gtjas.com 证书编号 S0880516030003 S0880519100001 （ [ Table_PicQuote] 中 本报告导读： 52周内股价走势图 国 24Q1业绩符合预期，国际业务投入加大对核心OTA利润率有影响，继续受益国内及 同程旅行 恒生指数 香 低线出游景气度提升。 41% 摘要： 港 28% ） [T abl维e_S持um“m增 ...

证券研究报告 | 2024年05月23日 同程旅行（00780.HK） 增持 下沉市场变现能力强化，出境游投放加码 核心观点 公司研究·财报点评 2024年一季度OTA业务收入维持良好增长，利润率同比有所回落。2024Q1 社会服务·旅游及景区 公司实现收入38.7亿元、归母净利润4.0亿元、经调整净利润5.6亿元， 证券分析师：曾光 证券分析师：钟潇 同比分别增长49.5%/5.0%/10.9%。其中：1）OTA平台收入实现32.1亿元， 0755-82150809 0755-82132098 zengguang@guosen.com.cn zhongxiao@guosen.com.cn 同比增长23.9%，国内下沉市场线上化渗透仍在持续演绎；盈利能力同比下 S0980511040003 S0980513100003 滑，主要系公司自去年下半年起逐步进入海外投资周期，同时国内APP端获 证券分析师：张鲁 联系人：杨玉莹 客营销增加，Q1 OTA平台经营性利润率为22.6%，同比下降3.7pct。2）度 010-88005377 0755-81982942 zhanglu5@guosen.com.cn yan ...