台灣南韓傳統旅行社2023年報: 盈利能力較2019年大為好轉
Taiwan&Korea Traditional Travel Agency Annual Report 2023: Profitability Much Better Than 2019

海擇短評 Haize Comment：

台灣南韓傳統旅行社2023年報: 盈利能力較2019年大為好轉

近期台灣與南韓兩地最大的傳統旅行社雄獅旅遊(TW: 2731)與Hanatour(KR: 039130)皆已公告後疫情首年(2023)的結算年報與2023Q4財報。相對於雙方在2019年的盈利能力，Hanatour與雄獅旅遊在2023Q4與全年都大為好轉，這除了與此前所談到，雙方在互聯網與生態系的佈局有關外，在出境遊的部分，與目的地的地域分布也有關係，雙方都在找尋最肥美的肉啃食。以Hanatour為例，韓國人在2023年出境旅遊目的地相對2019年的增速前三大(僅記入年旅遊超過10萬人次的目的地)，分別為蒙古國(44%)、澳洲(38%)、日本(25%)，但依照Hanatour財報，團隊遊產品銷售量最大的目的地，緊接於日本之後，就是客單價高的歐洲(佔比21%)。海擇資本轉錄相關數據如下：

1. 雄獅旅遊2023Q4收入60.6億台幣(約1,888萬美金)，較2019年同期低15%；營業利潤3.06億台幣(約674萬美金)，較2019年成長超過10倍。2019Q4收入為71.3億台幣(約2,221萬美金)，營業利潤2,714萬台幣(約6萬美金)。依2024.04.08當地證交所收盤價，雄獅旅遊市值125億台幣，約3.9億美金。

2. Hanatour於2023Q4收入1,195億韓元(約8,800萬美金)，較2019年同期低27%；營業利潤114億韓元(約1,020萬美金)，較2019年轉虧為盈。2019Q4收入為1,635億韓元(約1,2億美金)，營業虧損為81億韓元(約400萬美金)。依2024.04.08當地證交所收盤價，Hanatour市值9,014億韓元，約6.7億美金。

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Recently, Taiwan's largest traditional travel agency, Lion Travel (TW: 2731), and South Korea's Hanatour (KR: 039130) both released their annual financial reports for the first post-pandemic year, 2023, including Q4 results. Compared to their profitability in 2019, both companies saw significant improvements in Q4 and throughout 2023. This improvement was linked not only to their strategies in internet and ecosystem development but also to their choice of outbound travel destinations. For example, in 2023, the top three fastest-growing destinations for Korean outbound travelers were Mongolia (44%), Australia (38%), and Japan (25%). According to Hanatour's financial report, following Japan, the destinations generating the most sales from group tours were the high-value European countries, accounting for 21% of sales. Relevant data was transcribed by Haize Capital.

1. In Q4 2023, Lion Travel reported revenue of TWD 6.06 billion (approximately USD 18.88 million), a 15% decrease from the same period in 2019. However, operating profit rose to TWD 306 million (approximately USD 6.74 million), more than ten times the TWD 27.14 million (approximately USD 60,000) recorded in Q4 2019. As of April 8, 2024, Lion Travel's market capitalization was TWD 12.5 billion, around USD 390 million.

2. Hanatour recorded Q4 2023 revenue of KRW 119.5 billion (approximately USD 88 million), down 27% from the same period in 2019, but its operating profit turned positive to KRW 11.4 billion (approximately USD 10.2 million) from a loss of KRW 8.1 billion (approximately USD 4 million) in Q4 2019. As of April 8, 2024, Hanatour's market capitalization stood at KRW 901.4 billion, about USD 670 million. 

標籤 Label： TW: 2731  Lion Travel  KR: 039130  Hanatour