Jingu Financial News | Huaan Securities research report stated that Ctrip Group (09961) recorded second-quarter revenue of 12.788 billion yuan (yoy +13.56%, qoq +7.28%), slightly higher than the consensus expectation of 0.30%; operating profit reached 3.555 billion yuan (yoy +19.42%), higher than the consensus expectation of 2.18%; GAAP net income reached 3.888 billion yuan (compared to 0.648 billion yuan in the same period last year), significantly higher than the consensus expectation of 27.4%; Non-GAAP net income reached 4.985 billion yuan (yoy +45.2%), significantly higher than the consensus expectation of 39.5%.
The bank pointed out that international flight capacity has recovered to about 75% of pre-epidemic levels. In the second quarter, the company's outbound hotel and flight bookings have recovered to 100% compared to 2019, exceeding the industry average by 20% to 30%; In the second quarter, the total revenue of the company's international OTA platform (trip.com) increased by about 70% year-on-year, with a significant 76% revenue growth from the APAC region. In the second quarter, trip.com accounted for 10.5% of the group's total revenue, the cross-selling ability from transportation to hotels continued to improve, and the hotel revenue share increased to the range of 35%-40%. In the first half of 2024, there was a significant increase in inbound tourism to China, with a 150% year-on-year increase. Meanwhile, visitors from visa-exempt countries surged by 190%. In the second quarter, the volume of inbound hotel and flight bookings on the Trip.com platform increased by about 200% year-on-year, and inbound tourism currently contributes over 25% to Trip.com's overall business.
The bank stated that it expects the company's revenue to be 52.152/59.965/68.289 billion yuan in 2024/2025/2026, achieving year-on-year growth of +17.0%/+15.0%/+13.9%; it is expected to achieve adjusted net income of 16.4/19.88/22.15 billion yuan during the same period, achieving year-on-year growth of +25.5%/+21.2%/+11.4%, maintaining a "buy" rating.
