富瑞:予携程集团-S(09961)“买入”评级 目标价479港元

Jefferies: Target price of HK$479 for a “buy” rating for Ctrip Group-S (09961)

Zhitong Finance ·  Feb 22 02:45

Jefferies expects Ctrip Group-S (09961)'s total revenue for the full year of 2024 to increase by about 17% year-on-year.

The Zhitong Finance App learned that Jefferies released a research report stating that it gave Ctrip Group-S (09961) a “buy” rating, with a target price of HK$479.

According to the report, the Group's non-GAAP (non-GAAP) net profit for the fourth quarter of last year was 2.7 billion yuan, higher than market expectations and Jeffrey's expectations of 1.6 billion yuan and 1.3 billion yuan. Considering the latest business trends, Jefferies now expects total revenue for the full year of 2024 to increase by about 17% year-on-year, and the non-GAAP operating margin is about 27.5%. Management said during the conference call that 2024 will be a year of consolidation and expansion of the global tourism industry.

Looking ahead to 2024, Ctrip's total revenue for the first quarter and the full year of 2024 is expected to increase 26% year over year to 11.6 billion yuan. Of these, accommodation revenue is expected to increase 27% year over year to 4.4 billion yuan, and transportation revenue is expected to increase by about 20% to 5 billion yuan year on year. Tour revenue is expected to increase 121% year over year to about 850 million yuan, business travel revenue increased 13% year over year to 501 million yuan, and other revenue increased 15% year over year to about 852 million yuan. In terms of operating expenses, the quarterly sales and marketing cost ratio is expected to account for about 22% of revenue, and non-GAAP operating profit of 3.1 billion yuan. The non-GAAP operating margin is expected to reach 27%, mainly due to improved marketing efficiency, increased conversion rates, and internal cross-selling programs.

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