携程集团-S：国内旺季经营优异，国际业务蓄力成长

Investment Rating - The investment rating for the company is "Outperform the Market" [4][18]. Core Insights - The company reported a 22% year-on-year increase in adjusted net profit for Q3 2024, exceeding Bloomberg consensus expectations. Revenue for Q3 reached 15.87 billion yuan, a 15.5% increase, also surpassing expectations [2][7]. - The domestic business is showing strong performance during the peak season, with significant growth in hotel bookings and international travel. The company is expected to continue expanding its market share in the domestic hotel sector [2][8]. - The international business is recovering rapidly, with outbound flight and hotel bookings surpassing 120% of 2019 levels, indicating a strong competitive advantage [2][8]. Financial Performance Summary - For 2024, the company expects revenues of 52.93 billion yuan, with a year-on-year growth of 18.9%. The adjusted net profit is projected to be 17.36 billion yuan, reflecting a 32.8% increase [3][14]. - The company’s EBITDA for Q3 was 5.68 billion yuan, a 22.9% increase, indicating improved operational efficiency and cost management [2][7]. - The company’s earnings per share (EPS) for 2024 is estimated at 25.40 yuan, with a price-to-earnings (P/E) ratio of 18.2 [3][14]. Business Segment Performance - Accommodation booking revenue reached 6.80 billion yuan, up 22%, while transportation ticketing revenue was 5.65 billion yuan, a 5% increase. The travel vacation segment generated 1.56 billion yuan, reflecting a 17% increase [2][8]. - The company is focusing on enhancing its international platform, with plans to increase marketing investments in Q4 to capitalize on the overseas travel peak season [2][8]. Future Outlook - The company has revised its revenue forecasts for 2024-2026 to 52.93 billion, 61.71 billion, and 71.25 billion yuan, respectively, indicating a positive growth trajectory [2][8]. - The adjusted net profit estimates for the same period have been increased to 17.36 billion, 19.72 billion, and 22.90 billion yuan, respectively, reflecting strong operational performance [2][8].