2025-05-19-Jefferies-携程（TCOM）_速评携程2025年第一季度业绩_7页_111kb

报告摘要

Trip.com Group Ltd. (TCOM) reported its first-quarter 2025 results, which showed:

Total Revenue: RMB13.8bn, up 16% YoY, inline with consensus and estimates.
Operating Profit (Ex-Share Based Compensation): RMB4bn, exceeding estimates of RMB3.8bn.
Non-GAAP Net Profit: RMB4.2bn, ahead of both consensus and estimates (RMB3.8bn and RMB3.7bn).
Non-GAAP Op Margin (Ex-Share Based Compensation): 29.2%, higher than the estimated 27.5%.

Accommodation Revenue: RMB5.5bn, up 23% YoY (vs estimate of 21% YoY), representing 40% of total revenue.
Transportation Revenue: RMB5.4bn, up 8% YoY (vs estimate of 8% YoY), accounting for 39% of total revenue.
Packaged Tour Revenue: RMB947m, up 7% YoY (vs estimate of 14% YoY), making up 7% of total revenue.
Corporate Travel Revenue: RMB573m, up 12% YoY (vs estimate of 8% YoY), contributing 4% to total revenue.
Other Revenue: RMB1.4bn, up 33% YoY (vs estimate of 35% YoY).

As of 16 May, TCOM repurchased 1.6m ADSs for a total of US$84m under its existing share repurchase plan.

Trip.com will host a conference call at 8am HKT (8pm ET) on 20 May 2025. The call will focus on the following key areas:

Recent trends in travel demand and 2025 outlook.
Domestic, outbound, and international travel trends over the next few years.
Implications of increased hotel supplies.
Accommodation volumes and RevPAR trends in the domestic market.
Competitive landscape in accommodation in lower-tier cities.
Outbound and overseas accommodation trends in 2025.
Transportation volumes and pricing trends in air, train, and bus for the domestic market in 2025.
Business trends in transportation for outbound and overseas markets.
Trends in packaged tours and corporate travel.
Outbound travel across different geographies (e.g., Thailand).
Revenue growth and investment strategies for the next few years.
Implications of DeepSeek and AI strategies.
Operating expenses trends.
Margin trends.
Use of cash.

Thomas Chong and Zoey Zong certify that the views in the report reflect their personal opinions and that their compensation is not directly tied to the recommendations.

Jefferies uses a variety of valuation methods including:

Trip.com Group Ltd. is an online travel agency providing services such as:

This report is not tailored to any individual investor.
Jefferies may have conflicts of interest due to business relationships with companies covered in the report.
The report is not investment advice and should be considered alongside other factors.
Jefferies does not guarantee the accuracy or completeness of any information.
Forward-looking statements are subject to risks and uncertainties.
The report may include content from third parties, such as credit ratings, and is not liable for errors or omissions.

Conference Call Registration: https://register-conf.media-server.com/register/Bl6db246c54bbe4fc1aebb10f5ad6be21c

The report is subject to legal and regulatory requirements in various jurisdictions.
Jefferies assumes no obligation to update the report.
The information is for general circulation and not for retail investors in all regions.
The report is not a recommendation to buy or sell securities in the PRC.
Jefferies does not perform suitability analysis for individual investors.

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