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tongchengtravel (0780.HK): Expense improvement stabilizes profit growth, focusing on enhancing user stickiness and exploring potential.
The core point of the company's announcement in Q3 of 24, the operating performance in Q3 of 24 achieved revenue of 4.992 billion yuan, up by 51.3% year-on-year. The adjusted net income was 0.91 billion yuan, an increase of 46.6% year-on-year. The adjusted net margin showed excellent performance, 2.
tongchengtravel (00780) 2024Q3 performance conference call: As of September, the average order amount per platform has further increased to about 710 yuan, a year-on-year growth of 53%.
The average order amount on the tongchengtravel platform further increased to around 710 yuan, a 53% increase compared to the same period in 2023, and a significant increase of about 20% compared to the level in 2019.
Open Source Securities: The expansion of domestic demand policies optimizes and boosts confidence. OTA platforms are expected to accelerate their fundamentals in Q4 on a quarter-on-quarter basis.
In the new round of expansion cycle of the underlying supply, the destination service system, transportation network infrastructure, and online booking/traffic channels are constructing a new supply system in various upstream and downstream links to meet the diverse consumer tourism needs.
[Brokerage Focus] Guosen maintains its outperform rating on Tongchengtravel (00780), indicating that it is expected to continue benefiting from WeChat traffic and the penetration dividends of lower-tier markets.
Jingu Finance News | Guosen Securities issued a research report, stating that Tongcheng Travel (00780) had a revenue of 4.99 billion yuan in Q3 2024, a net income attributable to the mother of 0.79 billion yuan, and an adjusted net income of 0.91 billion yuan, with a year-on-year growth of 51.3%/55.5%/46.6%, exceeding expectations (a year-on-year growth of 47%/24%/32%). Among them: 1) OTA platform revenue was 4.01 billion yuan, with a growth of +21.6%, and its operating profit margin was 31.1%, a significant increase of 6.0 percentage points year-on-year, showing a significant improvement compared to Q1/Q2's -3.7/-2.2 percentage points, driven by improved marketing efficiency and architectural optimization.
[Brokerage Focus] Guozheng International raised the target price of tongchengtravel (00780) by approximately 20%, expecting its core OTA revenue in the fourth quarter to increase by 21% year-on-year.
Jingu Finance News | Guozheng International Research Institute released that Tongcheng Travel (00780) had a total revenue of 5 billion yuan in the third quarter, with a year-on-year/sequential increase of 51%/18%, slightly exceeding the bank and market expectations by 3%. Core OTA business revenue increased by 22% year-on-year, with lodging reservations/transportation ticketing increasing by 22%/21% to 1.38 billion yuan/1.77 billion yuan. Vacation business contributed an incremental revenue of 0.98 billion yuan, accounting for 20% of total revenue (compared to 17% in the second quarter). Core OTA business operating profit was 1.25 billion yuan, with a year-on-year/sequential increase of 50%/46%, and an operating profit margin of 31%, year-on-year/sequential.
Major bank rating | Goldman Sachs: Raises the target price of Tongchengtravel to 27 Hong Kong dollars, with further room for profit margin increase.
Gelonghui November 21st: Goldman Sachs released research reports indicating that tongchengtravel's net income growth rate increased from 11% in the first half of the year to 47% in the third quarter, reaching 0.91 billion yuan, exceeding Goldman Sachs and market expectations by 9% and 10%, respectively. Goldman Sachs stated that tongchengtravel focuses on improving ROI rather than simply pursuing revenue growth, with the goal of reversing the declining trend of EBITDA profit margin in the second half of the year. It is expected to increase by 3 percentage points in the second half of the year after a 2 percentage point decrease in the second quarter. Assuming stable revenue and marketing expenses, a decrease in the proportion of service development, the bank forecasts tongchengtravel's net profit to reach 0.606 billion yuan in the fourth quarter and 2.7 billion yuan for the whole year, a 2% annual increase.
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