1H24 收入81.12 亿元，经调整净利润同比增长10.9%。1H24 公司收入81.12亿元，同比增长48.8%；毛利率64.8%，同比减少10.4pct；经调整EBITDA17.34亿元，同比增长12.7%；经调整净利润12.15 亿元，同比增长10.9%，经调整利润率15.0%，同比减少5.1pct。其中1Q24/2Q24 公司收入分别为38.66/42.45亿元，同比增长49.5%/48.1%，经调整净利润分别为5.58/6.57 亿元，同比增长10.9%/10.9%，经调整利润率14.4%/15.5%,同比减少5.1/5.2pct, 2Q24 较1Q24 环比增长1.1pct。The company achieved revenue of 8.112 billion yuan in the first half of 2024, up 48.8% year on year; adjusted EBITDA of 1.734 billion yuan, up 12.7% year on year, and adjusted net profit of 1.215 billion yuan, up 10.9% year on year.
The diluted EPS was $0.36, and the net operating cash flow was 1.295 billion yuan.
Brief review and investment advice.
1H24's revenue was 8.112 billion yuan, and adjusted net profit increased 10.9% year over year. 1H24's revenue was 8.112 billion yuan, up 48.8% year on year; gross profit margin was 64.8%, down 10.4 pct year on year; adjusted EBITDA of 1.734 billion yuan, up 12.7% year on year; adjusted net profit of 1.215 billion yuan, up 10.9% year on year, adjusted profit margin 15.0%, down 5.1 pct year on year. Among them, 1Q24/2Q24's revenue was 3.866/4.245 billion yuan, up 49.5%/48.1% year on year, adjusted net profit was 0.558/0.657 billion yuan respectively, up 10.9%/10.9% year on year, adjusted profit margin 14.4%/15.5%, decrease 5.1/5.2 pct year on year, and 2Q24 increased 1.1 pct month on month compared to 1Q24.
The performance of various business segments improved significantly. The company's core OTA business is divided into transportation ticketing, accommodation reservations, and other businesses; among them, the 2Q24 transportation ticketing business revenue was 1.743 billion yuan, an increase of 16.6% over the previous year, due to increased ticketing volume and increased value-added products and services. Total ticket sales increased nearly 20% year over year, and international ticket volume increased by more than 160% year over year, due to the company's effective international expansion and pricing strategy. The revenue of the accommodation reservation business was 1.191 billion yuan, up 12.8% year on year. Thanks to vigorous expansion of hotel supply and product structure optimization, the total number of nights stayed increased 10% year on year, and the number of international nights increased sharply by nearly 140% year on year; revenue from other businesses was 0.592 billion yuan, up 87.3% year on year.
1H24 GMV increased 9.7% year over year, and the frequency of user purchases increased significantly. 1H24's GMV was 128.2 billion yuan, up 9.7% year over year. In the 12 months ended June 30, 2024, annual paid users were 0.228 billion, up 4.8% year on year; the cumulative number of paying customers increased by 29.9% to 1.856 billion in 12 months, and the frequency of user purchases increased significantly. In the 3 and 6 months ended June 30, 2024, the company's average monthly paying customers reached 0.043 billion, an increase of 0.7%/1.9% year over year. As of 2Q24, the proportion of registered users in non-first-tier cities in China was about 87%. As of 2Q24, the company's online travel platform provided 0.44/3.1/0.17 million routes/hotels and non-standard accommodation options/bus routes operated by more than 730 airlines and agents, and ticket services for 800 ferry routes and more than 0.01 million domestic tourist attractions.
Profit forecast. The company's 2024-26 non-GAAP net profit is estimated to be 2.697/3.021/5.859 billion, respectively. Combined with comparable company valuations, considering that the company is an OTA leader, the growth momentum is strong, giving 15-18 times PE in 24 years, corresponding to a reasonable value range of HK$19.05-22.86 per share (corresponding to 17.40-20.88 yuan/share, calculated at HK$1.095 per share). Give it an “better than the market” rating.
Risk warning. Industry competition risk, macroeconomic risk, risk of interruption of cooperation with Tencent and Ctrip.
