携程：国内市场保持强劲，海外市场持续扩张

Investment Rating - The report assigns a "Buy" rating for the company [2]. Core Views - The domestic market remains strong while the overseas market continues to expand [2]. - The company achieved robust performance in Q3 2024, with revenue and adjusted net profit reaching RMB 406.1 billion and RMB 150.0 billion, respectively, representing year-on-year growth of +18.7% and +44.3% [2]. - The strong growth is attributed to robust travel demand during the domestic summer vacation and Golden Week, as well as continued expansion in overseas markets [2]. Summary by Sections Financial Performance - For Q1-Q3 2024, the company reported revenue and adjusted net profit of RMB 406.1 billion and RMB 150.0 billion, respectively, with year-on-year increases of +18.7% and +44.3% [2]. - The company’s revenue for Q3 2024 was RMB 68.0 billion, reflecting a year-on-year growth of +16.2% [2]. - The company’s gross margin improved to 81.8% in Q3 2024, with a net profit margin of 36.9% [2]. Business Segments - The company’s revenue from accommodation bookings, transportation ticketing, and vacation travel for Q1-Q3 2024 was RMB 164.3 billion, RMB 155.2 billion, and RMB 34.7 billion, respectively, with year-on-year growth rates of +23.1%, +8.3%, and +42.3% [2]. - The international OTA platform continued to expand rapidly, with hotel and flight bookings growing over 60% year-on-year in Q3 2024 [2]. Market Outlook - The report anticipates that domestic travel demand will gradually stabilize, while outbound, inbound, and pure overseas markets are expected to maintain strong growth momentum [2]. - The target price for the company is set at USD 71.25, indicating a potential upside of 16.2% from the current stock price of USD 61.32 [2]. Financial Projections - The company’s projected revenue for 2024 is RMB 44,562 million, with a growth rate of 122.2% compared to 2023 [4]. - The projected Non-GAAP net profit for 2024 is RMB 13,071 million, reflecting a year-on-year increase of 910.1% [4]. Shareholder Information - Major shareholders include Baidu Group (8.89%) and Capital World Investors (5.92%) [2].