Core Viewpoint - The divergence in stock performance between domestic-focused Tongcheng Travel and internationally-oriented Ctrip highlights the current market sentiment favoring companies with a strong domestic presence amid global economic uncertainties [1][2]. Company Performance - Tongcheng Travel reported a revenue of 17.34 billion yuan in 2024, marking a year-on-year increase of 45.8%, with adjusted EBITDA reaching 4.05 billion yuan, up 29.7% [1]. - Ctrip's international business revenue accounted for approximately 10% of its total revenue in 2024, with a notable increase to 14% in Q4 2024 [1]. Market Trends - The ongoing "tariff war" initiated by the Trump administration has led to a decline in international tourism, particularly affecting travel from Canada to the U.S., with a 23% drop in land border crossings and a 13% decrease in air travel in February 2025 [2]. - Domestic tourism in China remains robust, with 501 million domestic trips taken during the 2025 Spring Festival, a 5.9% increase year-on-year, and total spending reaching 677 billion yuan, up 7.0% [3]. Investment Sentiment - The capital market is increasingly viewing companies like Tongcheng Travel, which focus on the domestic market, as safer investment options amid rising global economic risks [1][3].
资本避险情绪升温，聚焦国内大众旅游市场的同程旅行迎价值重估