20231122-招银国际-Release_of_pent-up_demand_as_expected_6页_1mb

报告摘要

Net revenue for Q3 2023: RMB13.7 billion, showing a 99% year-over-year increase and aligning with both analyst forecast and Bloomberg consensus.
Non-GAAP operating income: RMB4.4 billion, exceeding expectations by 6% due to better-than-anticipated gross profit margin (GPM) from operating leverage and efficient sales and marketing spend.
Revenue segments: Transportation-ticketing and accommodation reservation businesses grew by 104.6% and 94.2% year-over-year respectively.

Short-term outlook: Outbound travel recovery in Q4 2023 was slightly slower than expected due to delayed international flights, but full recovery is expected by Q1-Q2 2024.
Long-term outlook: Management remains confident in international business, with a target of 20% revenue contribution from pure international business by 2025.
Key growth drivers: Outbound travel and international business continue to be major revenue and earnings drivers for the company.

Maintain BUY rating.
DCF-based target price: US$45.8, implying a 24.9% upside from current share price of US$36.67.
Forecasted financial growth: Revenue is expected to reach RMB44.5 billion for 2023, with operating and profitability metrics showing strong expansion.

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