TRIP.COM(09961) 东吴证券·2024-05-25 17:01Investment Rating - The report maintains a "Buy" rating for Trip.com Group Limited (携程集团-S) [1] Core Views - The company achieved a net operating revenue of 11.9 billion yuan in Q1 2024, representing a year-on-year increase of 29%. Adjusted EBITDA was 4 billion yuan with an EBITDA margin of 33%. Adjusted net profit attributable to shareholders was 4.06 billion yuan, up 96% year-on-year [6] - Domestic and international businesses continue to grow, with expectations that outbound business will return to pre-pandemic levels. Domestic hotel and flight bookings increased by over 20% year-on-year in Q1. Outbound hotel and flight bookings more than doubled year-on-year [6] - The international platform Trip.com contributed approximately 10% to the group's total revenue, with a year-on-year growth of about 80%. The inbound tourism market is expected to drive significant revenue growth for Trip.com [6] Summary by Sections Financial Performance - Total revenue for 2024 is projected to be 44.51 billion yuan, with a year-on-year growth of 18%. Non-GAAP net profit is expected to reach 13.07 billion yuan, reflecting a 7% increase [2][7] - The company’s adjusted net profit margin reached 34% in Q1 2024, with a gross margin of 81.2% [6] Business Segments - Domestic business growth is expected to outperform the industry average, while outbound business is showing strong recovery. The inbound tourism segment is becoming a significant growth driver for the company [6][7] Valuation Metrics - The current price-to-earnings (PE) ratio based on adjusted earnings is projected to be 18, 16, and 14 times for 2024, 2025, and 2026, respectively [7]