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選單
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海擇短評 Haize Comment：
同程(HK: 0780)近期公告2024Q1財報，最大的特色是交通、其他收入都有超過20%的年增長，並增列了度假收入，致使收入YoY增長50%，達38.7億人民幣，但經營溢利4.6億人民幣相對去年同期，YoY則減少約2%。考慮到收入與經營溢利背道而馳的走向，海擇資本對同程本季度財報關注處有兩點－其一，度假事業對整體財報的意義；其次，國際化的攻擊發起是否已經體現。海擇資本基於上述關注，解讀同程本季財報如下：
1. 度假目前僅具美化財報功能：同程財報本季增列度假收入，收入6.6億人民幣，若直觀與攜程(NASDAQ: TCOM)本季的度假收入8.8億人民幣對比，已達攜程的75%。但我們認為兩者使用的會計原則不同，根據同程財報所記載，Q1銷售成本增加的首要主因，是由於度假服務買斷旅遊產品的成本增加，基於此，我們認為同程的度假收入主要用是總額法(交易額)統計，與攜程的度假收入主要用淨額法(佣金)不同，兩者之間無法直接對比。具體看產品，同程的景點門票在財報中屬於"其他"課目，度假收入係指來自線下旅行社及運營景區的收入。由於同程度假的收入若以佣金計算會很小，增列這部分收入的目的除了優化收入數據，另外就是對統計活躍類指標時會有幫助(比如"平均月付費用戶數")。
2. 國際化突破口：我們認為同程的交通票務收入更值得重視。同程本季相關收入為17.4億人民幣，YoY增速26%，收入規模已達攜程的35%，增速也比攜程的8%高超過兩倍。從票量的增速看，國內機票YoY增速為30%，國際機票增速為260%，雖然同程原本的國際機票體量應不大，但從市場佔有率的角度看，成長很可觀，足以部分沖銷經營溢利不增長的疑慮。我們認為機票是讓同程各事業部走上國際化的攻擊發起線，萬丈高樓平地起，後續動向值得追蹤。
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Tongcheng (HK: 0780) recently announced its Q1 2024 Earnings. The highlight is over 20% year-over-year growth in transportation and other revenues, with vacation revenue added, leading to a 50% increase in total revenue to RMB 3.87 billion. However, operating profit decreased by about 2% YoY to RMB 460 million. Considering the divergence between revenue growth and operating profit, Haize Capital focuses on two aspects of Tongcheng's quarterly financials: the significance of the vacation sector to the overall results and whether the international expansion has been reflected. Haize Capital interprets Tongcheng's financials based on these concerns.
1. Vacation revenue mainly serves to beautify the financial report: This quarter, Tongcheng added vacation revenue of RMB 660 million. Comparatively, Ctrip (NASDAQ: TCOM) reported vacation revenue of RMB 880 million, reaching 75% of Ctrip's figure. However, the accounting principles differ between the two companies. According to Tongcheng’s report, the primary reason for the increased cost of sales in Q1 is due to the cost of buying out travel products for vacation services. Based on this, we believe Tongcheng's vacation revenue uses gross method (total transaction volume), unlike Ctrip's net method (commission-based), making direct comparison challenging. Specifically, Tongcheng’s attraction tickets are classified under "other" categories in the financial report, and vacation revenue refers to income from offline travel agencies and operated scenic spots. The inclusion of this revenue not only optimizes financial data but also aids in enhancing active metric indicators, such as "average monthly paying users".
2. International Breakthrough: Tongcheng's transportation ticket revenue deserves more attention. This quarter, the revenue reached RMB 1.74 billion, a 26% YoY increase, amounting to 35% of Ctrip's scale and two-fold more than Ctrip's growth rate of 8%. The ticket volume growth shows a 30% YoY increase in domestic flights and a 260% increase in international flights. Although Tongcheng's original volume of international tickets was likely small, the significant market share growth is enough to offset concerns about stagnant operating profits. We believe that airline tickets are the starting point for Tongcheng's divisions to embark on international expansion. The initial steps are promising, and future developments are worth monitoring.
標籤 Label： HK: 0780 Tongcheng Vacation Flight Globalization NASDAQ: TCOM