Verygood

2
Comment
Favorite

Unclequek
2021-04-09

Verygood

Ctrip, which went public in Hong Kong for the second time, you really know how to play!

如果要评选2020年最拼的企业家，携程的梁建章肯定能入围。随手列出一些梁建章的日程：一个月跋涉6省25市9000多公里；一天要切换20个场景；直播前要考察直播后要复盘、还得管公司的大小事务每天连轴

Ctrip, which went public in Hong Kong for the second time, you really know how to play!

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Report

Comment

Top
Latest

No comments yet

Most Discussed

{"i18n":{"language":"en_US"},"data":{"magic":2,"id":348436399,"tweetId":"348436399","gmtCreate":1617950018611,"gmtModify":1704705210138,"author":{"id":3578974580733428,"idStr":"3578974580733428","authorId":3578974580733428,"authorIdStr":"3578974580733428","name":"Unclequek","avatar":"https://static.tigerbbs.com/211db907838451b68235ebb8c7794a6c","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":1,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":9,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"extraTitle":"","html":"<html><head></head><body>Verygood</body></html>","htmlText":"<html><head></head><body>Verygood</body></html>","text":"Verygood","highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://ttm.financial/post/348436399","repostId":1159720741,"repostType":4,"repost":{"id":"1159720741","kind":"news","weMediaInfo":{"introduction":"记录新经济的每一个节点","home_visible":1,"media_name":"节点财经","id":"1021708884","head_image":"https://static.tigerbbs.com/68a2a7c6368376fe8b5cf62e4c84b65e"},"pubTimestamp":1617948539,"share":"https://ttm.financial/m/news/1159720741?lang=en_US&edition=fundamental","pubTime":"2021-04-09 14:08","market":"us","language":"zh","title":"Ctrip, which went public in Hong Kong for the second time, you really know how to play!","url":"https://stock-news.laohu8.com/highlight/detail?id=1159720741","media":"节点财经","summary":"如果要评选2020年最拼的企业家，携程的梁建章肯定能入围。\n随手列出一些梁建章的日程：\n一个月跋涉6省25市9000多公里；一天要切换20个场景；直播前要考察直播后要复盘、还得管公司的大小事务每天连轴","content":"If you want to select the hardest entrepreneur in 2020, Liang Jianzhang of Ctrip will definitely be shortlisted.List some of Liang Jianzhang's schedules:Trek more than 9,000 kilometers in 6 provinces and 25 cities in a month; You have to switch 20 scenes a day; Before the live broadcast, you have to inspect review after the live broadcast, and you have to manage the company's affairs for more than ten hours every day; Not even a \"whole block\" of 30 minutes; On the plane to the next live broadcast point, I have to take out my mobile phone and write my own copy of the hotel live broadcast.As a result of \"Desperate Saburo\", in 2020, the OTA industry has undergone the biggest change: Ctrip has driven the industry to start new explorations as quickly as possible under special circumstances.Liang Jianzhang turned himself into a big V by incarnating different characters in different travel scenes, and also allowed Ctrip to use the breakthrough point of live broadcast to interpret the true connotation of \"organic in crisis\".<img src=\"https://static.tigerbbs.com/96d67b27582809be29ee3e466bc5e968\" tg-width=\"880\" tg-height=\"295\" referrerpolicy=\"no-referrer\">Image source: Public Information/01/It's a big V, and it's a \"big V\"Ctrip's prospectus shows that in the past 10 years, the transaction volume has continuously maintained the first place in the national online travel industry, and has led the global online travel industry for three consecutive years. Last year, under the influence of the epidemic, the global tourism industry lost US $1.3 trillion in revenue, becoming \"the worst year in the history of the tourism industry\", and Ctrip was not spared.The core of a successful enterprise is not the glory at its peak, but the resilience at times of hardship.In Q1 2020, due to the epidemic, Ctrip's revenue fell by 42.1%; All walks of life in Q2 are preparing to resume work and production. Although the scenic spot is open, no one dares to go. This is also the busiest moment for Liang Jianzhang's live broadcast. Ctrip's revenue fell by 63.7%; In Q3, Ctrip improved slightly, and the decline in revenue narrowed to 47.9%; By Q4, Ctrip's revenue reached 60% of the same period in 2019.Entering 2021, in the first half of Q1, Ctrip's domestic hotel reservations recovered by about 15% leading the industry; Ctrip's average daily order volume in March increased by 50% from February, and the average daily new customer volume of the platform achieved double-digit growth from the previous month; During the just-concluded Tomb-Sweeping Day holiday, Ctrip's total bookings increased by 300% year-on-year, and the growth rate of many businesses even exceeded the level of the same period in 2019. When Ctrip released its 2020 annual report a month ago, CEO Sun Jie said that Ctrip's machine wine bookings reached full recovery.Although the 2021 Q1 quarterly report has not yet been released, Ctrip has used a rapid \"blood recovery plan\" to recover ahead of Booking and Expdia, which are also OTA giants, and has stepped out of a large V-shaped curve.<img src=\"https://static.tigerbbs.com/9085531d878714a7212ea3990b361f48\" tg-width=\"1080\" tg-height=\"841\" referrerpolicy=\"no-referrer\">Data source: financial reports of various companiesWhile Ctrip is recovering, Ctrip's shares<a href=\"https://laohu8.com/S/90129\">Tongcheng Yilong</a>It has also seized the sinking market in low-tier cities, and Ctrip's new users in the low-tier market have accelerated their growth, further solving the congestion of OTA platforms in the domestic market.According to the prospectus document, in 2020, more than 40% of new trading users on the Ctrip platform will come from third-tier and below cities. In fact, in the domestic market, Ctrip already has an advantage over other platforms. According to the Analysys report, the GMV of the world's top five travel platforms accounted for 7.0% of the total market share in 2019, and the first place Ctrip accounted for 2.3%, 0.4 percentage points higher than the second place; In 2019, China's top five travel platforms accounted for 21.5% of the total market share, of which Ctrip Group accounted for 13.7%.In 2020, from Liang Jianzhang's innovative transformation into a \"live broadcast big V\" to the company's emergence from the big \"V\" trend, it can be seen that Ctrip still has the resilience rarely seen in start-ups, and it is not old in rebound and recovery./02/Reconstructing the \"people and goods yard\" of tourism Ctrip, you really know how to play!In the prospectus of this return to Hong Kong, Ctrip also clearly stated that one of the ways to raise funds is to expand Ctrip's \"one-stop travel service and improve user experience.\"<img src=\"https://static.tigerbbs.com/76292c319b1f44c2357026ae2939f779\" tg-width=\"690\" tg-height=\"504\" referrerpolicy=\"no-referrer\">Image source: Ctrip prospectusAs one of the few \"one-stop\" platforms in the industry, Ctrip needs a core to support it in order to string together various chains in travel, and this core is the content.Some people say that it is difficult for Ctrip to do content well because of the lack of genes. This story is not long.Say Ctrip has no content gene? This is somewhat \"shallow\" in understanding of Ctrip.At the beginning of its birth in 2000, Ctrip was one of the earliest Internet travel communities in China;In 2011, Ctrip launched Donkey Review Network;In 2016, the Ctrip Raiders community was launched;In 2018, Ctrip began to build a short travel video content platform. In December, Ctrip Channel \"Travel Photography Channel\" was officially launched;In 2020, Ctrip once again put the layout content on the agenda.In addition to genes, it is more important to make content that \"there is specialization in the art industry\". Travel content is about how to play, and of course it is done by the best travel platform.A few days ago, Ctrip launched the \"1 +3 Strategy\", taking \"Planet\" as the carrier, aggregating three major sectors: traffic, content and commodities, and refreshing the \"people (users)-goods (tourism products, ticketing services, etc.)-field (scene)\" in the tourism industry.In the past, the tourism industry was basically people-goods, with almost no scenes landing; Or the OTA platform provides relatively scattered and fragmented content, which cannot accurately match the large traffic, thus leading to the disconnect between content and products.In terms of \"people\", when \"playful\" travelers flood into Ctrip's Planet with their own shared content, due to Ctrip's huge product inventory and the attributes of trading platform, the content can be smoothly converted into transactions;In terms of \"goods\", participants in the entire travel link can open a planet account in the Ctrip community. With the help of Ctrip's 300 million users and 200 million MAU (monthly active users), there are more and more sensitive people under the age of 25 who \"know how to play\" to provide food, accommodation, transportation, travel and shopping for all popular products.In the scene, Ctrip Live Broadcast and Ctrip Community will give the scene of content monetization. In the whole content scene, Ctrip can also provide portraits of target groups according to algorithms and private domain traffic management to achieve a new \"100 billion small goal\", travel advertising placement;According to Fastdata data, with the recovery of China's tourism industry and the increase in advertising investment intensity of tourism suppliers in 2021, it is estimated that the annual scale of China's tourism advertising market will reach 80-100 billion yuan. In the future, tourism advertising will become the new \"100 billion track\" in the tourism industry.Whether the effect is good or not, the data will speak for itself.Ctrip's prospectus shows that when the \"1 +3 strategy\" was still in its embryonic stage last year, in 2020, Ctrip launched more than 60,000 products through the online live broadcast platform, and the Ctrip live broadcast + special sale channel achieved a total merchandise transaction volume of more than 5 billion yuan. After the \"1 +3 strategy\" is fully implemented, we have reason to believe that Ctrip can take advantage of \"playing\" to allow more users to \"play on Ctrip\"./03/High net worth users who can play Deepen the moat againIn the prospectus submitted by Ctrip, there is another bright spot that has been overlooked but is enough to reshape Ctrip's valuation, that is, the rapid growth of high-consumption users.High-net-worth users are not only a competitive barrier for Ctrip, but also the cornerstone driving performance growth.With the upgrading of consumption, the tourism industry is also upgrading. Compared with holiday travel \"going to jiaozi\", the quality travel that high-net-worth users prefer will become a new growth point of Ctrip's performance.The domestic tourism market can basically be divided into three parts: business travel, mass leisure travel and quality leisure travel. According to Analysys' forecast, quality leisure travel represented by domestic high-star hotels and boutique private groups will surpass the mass leisure travel sector in 2024, and its market size will reach 3.8 trillion yuan in 2025.Analysys data shows that the proportion of people with medium and above consumption level on Ctrip platform is 82.2%, and the proportion of people born after 95-80 accounts for 77.7%. There are many young people with high net worth who can play.Whether on Wall Street or on the Hong Kong Stock Exchange, high customer unit price and high gross profit have always been favored by capital. That is to say, if Ctrip can continue this momentum, the natural competition barrier formed by the high entry threshold of the quality leisure travel market will also become a new growth point of Ctrip's performance.To maintain the advantages in the field of quality leisure travel, we have to rely on the supply chain. After all, good resources are scarce.Ctrip has previously disclosed the supply chain related to the field of quality leisure travel: from July to December 2020, the number of Ctrip's private group suppliers increased by 50%; More than 2,000 suppliers provide users with about 60,000 private group products through Ctrip; Covering more than 200 tourist destinations in China; The number of private group products increased by more than 400%.In terms of the most critical hotels in the supply chain, as of December 31, 2019, Ctrip provided the largest number of air tickets and hotel accommodation products in China. Large-scale cooperation between hotels and Ctrip has created a highly competitive market for Ctrip. price advantage.Among them, the number of high-star hotels designated Ctrip Group as the total distributor increased by more than 10% in the second and third quarters of 2020, further expanding Ctrip's competitive advantage in the mid-to-high-end hotel market.From the perspective of the hotel industry, the final conversion that the channel can bring is maintained at about 20% on average, but Ctrip's conversion is higher than the average level. Just as a good bird chooses a good tree to live, high-end hotels are also willing to choose Ctrip.According to Node Finance (ID: jiedian2018), Ctrip and the hotel have also become a \"mutual achievement\" relationship during the epidemic. In order to maintain the brand bottom line of the hotel's long-term operation, Ctrip has packaged many rich products according to the characteristics of different hotels, such as gourmet packages and parent-child packages, providing differentiated products, attracting customers and releasing the value of the hotel itself.Therefore, for challengers who want to break through Ctrip's dominance on high-net-worth users, to grab more high-star hotel inventory from Ctrip, one is to prove channel capabilities to high-star hotels, and the other is to continue to find high-star hotels. Users with spending power are not achieved overnight.What Ctrip has done is not only to maintain its reputation on Wall Street today, but also to win the prospect of Hong Kong Stock Exchange tomorrow./04/Returning to Hong Kong is the way home and the departureThe world's three largest OTA leaders Ctrip, Booking,<a href=\"https://laohu8.com/S/EXPE\">Expedia</a>Among them, Ctrip has occupied the first place in global transaction volume in the past three years, but its share price has been undervalued.Since the P/E of the Big Three may be negative in 2020, and the environmental difficulties faced by everyone during the epidemic are similar, the price-to-sales ratio can be used as a comparison of valuations.Ctrip's latest market value is US $23.3 billion, which is 8.3 times the revenue in 2020;Booking's latest market value is US $98.7 billion, which is 14.5 times the revenue in 2020;Expedia's latest market value is $24.7 billion, which is 4.75 times 2020 revenue, but Expedia's stock price has rebounded nearly three times from its lows.<img src=\"https://static.tigerbbs.com/fa2b53c0e348a3d5540b1527511befb2\" tg-width=\"628\" tg-height=\"959\" referrerpolicy=\"no-referrer\">Note: The stock price trend of the Big Three in the past yearSince Ctrip has not been recognized accordingly in the US stock market, the secondary listing is a watershed for Ctrip to bid farewell to its past development model, and it is also a new attempt to give full play to the value of travel content and deeply take root in the tourism industry.The stock price of any listed company has been \"uneasy\", but for Ctrip, what we should see more is its distance.","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Ctrip, which went public in Hong Kong for the second time, you really know how to play!</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCtrip, which went public in Hong Kong for the second time, you really know how to play!\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1021708884\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/68a2a7c6368376fe8b5cf62e4c84b65e);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n节点财经 \n2021-04-09 14:08\n</div>\n</a>\n</h4>\n</header>\n<article>\nIf you want to select the hardest entrepreneur in 2020, Liang Jianzhang of Ctrip will definitely be shortlisted.List some of Liang Jianzhang's schedules:Trek more than 9,000 kilometers in 6 provinces and 25 cities in a month; You have to switch 20 scenes a day; Before the live broadcast, you have to inspect review after the live broadcast, and you have to manage the company's affairs for more than ten hours every day; Not even a \"whole block\" of 30 minutes; On the plane to the next live broadcast point, I have to take out my mobile phone and write my own copy of the hotel live broadcast.As a result of \"Desperate Saburo\", in 2020, the OTA industry has undergone the biggest change: Ctrip has driven the industry to start new explorations as quickly as possible under special circumstances.Liang Jianzhang turned himself into a big V by incarnating different characters in different travel scenes, and also allowed Ctrip to use the breakthrough point of live broadcast to interpret the true connotation of \"organic in crisis\".<img src=\"https://static.tigerbbs.com/96d67b27582809be29ee3e466bc5e968\" tg-width=\"880\" tg-height=\"295\" referrerpolicy=\"no-referrer\">Image source: Public Information/01/It's a big V, and it's a \"big V\"Ctrip's prospectus shows that in the past 10 years, the transaction volume has continuously maintained the first place in the national online travel industry, and has led the global online travel industry for three consecutive years. Last year, under the influence of the epidemic, the global tourism industry lost US $1.3 trillion in revenue, becoming \"the worst year in the history of the tourism industry\", and Ctrip was not spared.The core of a successful enterprise is not the glory at its peak, but the resilience at times of hardship.In Q1 2020, due to the epidemic, Ctrip's revenue fell by 42.1%; All walks of life in Q2 are preparing to resume work and production. Although the scenic spot is open, no one dares to go. This is also the busiest moment for Liang Jianzhang's live broadcast. Ctrip's revenue fell by 63.7%; In Q3, Ctrip improved slightly, and the decline in revenue narrowed to 47.9%; By Q4, Ctrip's revenue reached 60% of the same period in 2019.Entering 2021, in the first half of Q1, Ctrip's domestic hotel reservations recovered by about 15% leading the industry; Ctrip's average daily order volume in March increased by 50% from February, and the average daily new customer volume of the platform achieved double-digit growth from the previous month; During the just-concluded Tomb-Sweeping Day holiday, Ctrip's total bookings increased by 300% year-on-year, and the growth rate of many businesses even exceeded the level of the same period in 2019. When Ctrip released its 2020 annual report a month ago, CEO Sun Jie said that Ctrip's machine wine bookings reached full recovery.Although the 2021 Q1 quarterly report has not yet been released, Ctrip has used a rapid \"blood recovery plan\" to recover ahead of Booking and Expdia, which are also OTA giants, and has stepped out of a large V-shaped curve.<img src=\"https://static.tigerbbs.com/9085531d878714a7212ea3990b361f48\" tg-width=\"1080\" tg-height=\"841\" referrerpolicy=\"no-referrer\">Data source: financial reports of various companiesWhile Ctrip is recovering, Ctrip's shares<a href=\"https://laohu8.com/S/90129\">Tongcheng Yilong</a>It has also seized the sinking market in low-tier cities, and Ctrip's new users in the low-tier market have accelerated their growth, further solving the congestion of OTA platforms in the domestic market.According to the prospectus document, in 2020, more than 40% of new trading users on the Ctrip platform will come from third-tier and below cities. In fact, in the domestic market, Ctrip already has an advantage over other platforms. According to the Analysys report, the GMV of the world's top five travel platforms accounted for 7.0% of the total market share in 2019, and the first place Ctrip accounted for 2.3%, 0.4 percentage points higher than the second place; In 2019, China's top five travel platforms accounted for 21.5% of the total market share, of which Ctrip Group accounted for 13.7%.In 2020, from Liang Jianzhang's innovative transformation into a \"live broadcast big V\" to the company's emergence from the big \"V\" trend, it can be seen that Ctrip still has the resilience rarely seen in start-ups, and it is not old in rebound and recovery./02/Reconstructing the \"people and goods yard\" of tourism Ctrip, you really know how to play!In the prospectus of this return to Hong Kong, Ctrip also clearly stated that one of the ways to raise funds is to expand Ctrip's \"one-stop travel service and improve user experience.\"<img src=\"https://static.tigerbbs.com/76292c319b1f44c2357026ae2939f779\" tg-width=\"690\" tg-height=\"504\" referrerpolicy=\"no-referrer\">Image source: Ctrip prospectusAs one of the few \"one-stop\" platforms in the industry, Ctrip needs a core to support it in order to string together various chains in travel, and this core is the content.Some people say that it is difficult for Ctrip to do content well because of the lack of genes. This story is not long.Say Ctrip has no content gene? This is somewhat \"shallow\" in understanding of Ctrip.At the beginning of its birth in 2000, Ctrip was one of the earliest Internet travel communities in China;In 2011, Ctrip launched Donkey Review Network;In 2016, the Ctrip Raiders community was launched;In 2018, Ctrip began to build a short travel video content platform. In December, Ctrip Channel \"Travel Photography Channel\" was officially launched;In 2020, Ctrip once again put the layout content on the agenda.In addition to genes, it is more important to make content that \"there is specialization in the art industry\". Travel content is about how to play, and of course it is done by the best travel platform.A few days ago, Ctrip launched the \"1 +3 Strategy\", taking \"Planet\" as the carrier, aggregating three major sectors: traffic, content and commodities, and refreshing the \"people (users)-goods (tourism products, ticketing services, etc.)-field (scene)\" in the tourism industry.In the past, the tourism industry was basically people-goods, with almost no scenes landing; Or the OTA platform provides relatively scattered and fragmented content, which cannot accurately match the large traffic, thus leading to the disconnect between content and products.In terms of \"people\", when \"playful\" travelers flood into Ctrip's Planet with their own shared content, due to Ctrip's huge product inventory and the attributes of trading platform, the content can be smoothly converted into transactions;In terms of \"goods\", participants in the entire travel link can open a planet account in the Ctrip community. With the help of Ctrip's 300 million users and 200 million MAU (monthly active users), there are more and more sensitive people under the age of 25 who \"know how to play\" to provide food, accommodation, transportation, travel and shopping for all popular products.In the scene, Ctrip Live Broadcast and Ctrip Community will give the scene of content monetization. In the whole content scene, Ctrip can also provide portraits of target groups according to algorithms and private domain traffic management to achieve a new \"100 billion small goal\", travel advertising placement;According to Fastdata data, with the recovery of China's tourism industry and the increase in advertising investment intensity of tourism suppliers in 2021, it is estimated that the annual scale of China's tourism advertising market will reach 80-100 billion yuan. In the future, tourism advertising will become the new \"100 billion track\" in the tourism industry.Whether the effect is good or not, the data will speak for itself.Ctrip's prospectus shows that when the \"1 +3 strategy\" was still in its embryonic stage last year, in 2020, Ctrip launched more than 60,000 products through the online live broadcast platform, and the Ctrip live broadcast + special sale channel achieved a total merchandise transaction volume of more than 5 billion yuan. After the \"1 +3 strategy\" is fully implemented, we have reason to believe that Ctrip can take advantage of \"playing\" to allow more users to \"play on Ctrip\"./03/High net worth users who can play Deepen the moat againIn the prospectus submitted by Ctrip, there is another bright spot that has been overlooked but is enough to reshape Ctrip's valuation, that is, the rapid growth of high-consumption users.High-net-worth users are not only a competitive barrier for Ctrip, but also the cornerstone driving performance growth.With the upgrading of consumption, the tourism industry is also upgrading. Compared with holiday travel \"going to jiaozi\", the quality travel that high-net-worth users prefer will become a new growth point of Ctrip's performance.The domestic tourism market can basically be divided into three parts: business travel, mass leisure travel and quality leisure travel. According to Analysys' forecast, quality leisure travel represented by domestic high-star hotels and boutique private groups will surpass the mass leisure travel sector in 2024, and its market size will reach 3.8 trillion yuan in 2025.Analysys data shows that the proportion of people with medium and above consumption level on Ctrip platform is 82.2%, and the proportion of people born after 95-80 accounts for 77.7%. There are many young people with high net worth who can play.Whether on Wall Street or on the Hong Kong Stock Exchange, high customer unit price and high gross profit have always been favored by capital. That is to say, if Ctrip can continue this momentum, the natural competition barrier formed by the high entry threshold of the quality leisure travel market will also become a new growth point of Ctrip's performance.To maintain the advantages in the field of quality leisure travel, we have to rely on the supply chain. After all, good resources are scarce.Ctrip has previously disclosed the supply chain related to the field of quality leisure travel: from July to December 2020, the number of Ctrip's private group suppliers increased by 50%; More than 2,000 suppliers provide users with about 60,000 private group products through Ctrip; Covering more than 200 tourist destinations in China; The number of private group products increased by more than 400%.In terms of the most critical hotels in the supply chain, as of December 31, 2019, Ctrip provided the largest number of air tickets and hotel accommodation products in China. Large-scale cooperation between hotels and Ctrip has created a highly competitive market for Ctrip. price advantage.Among them, the number of high-star hotels designated Ctrip Group as the total distributor increased by more than 10% in the second and third quarters of 2020, further expanding Ctrip's competitive advantage in the mid-to-high-end hotel market.From the perspective of the hotel industry, the final conversion that the channel can bring is maintained at about 20% on average, but Ctrip's conversion is higher than the average level. Just as a good bird chooses a good tree to live, high-end hotels are also willing to choose Ctrip.According to Node Finance (ID: jiedian2018), Ctrip and the hotel have also become a \"mutual achievement\" relationship during the epidemic. In order to maintain the brand bottom line of the hotel's long-term operation, Ctrip has packaged many rich products according to the characteristics of different hotels, such as gourmet packages and parent-child packages, providing differentiated products, attracting customers and releasing the value of the hotel itself.Therefore, for challengers who want to break through Ctrip's dominance on high-net-worth users, to grab more high-star hotel inventory from Ctrip, one is to prove channel capabilities to high-star hotels, and the other is to continue to find high-star hotels. Users with spending power are not achieved overnight.What Ctrip has done is not only to maintain its reputation on Wall Street today, but also to win the prospect of Hong Kong Stock Exchange tomorrow./04/Returning to Hong Kong is the way home and the departureThe world's three largest OTA leaders Ctrip, Booking,<a href=\"https://laohu8.com/S/EXPE\">Expedia</a>Among them, Ctrip has occupied the first place in global transaction volume in the past three years, but its share price has been undervalued.Since the P/E of the Big Three may be negative in 2020, and the environmental difficulties faced by everyone during the epidemic are similar, the price-to-sales ratio can be used as a comparison of valuations.Ctrip's latest market value is US $23.3 billion, which is 8.3 times the revenue in 2020;Booking's latest market value is US $98.7 billion, which is 14.5 times the revenue in 2020;Expedia's latest market value is $24.7 billion, which is 4.75 times 2020 revenue, but Expedia's stock price has rebounded nearly three times from its lows.<img src=\"https://static.tigerbbs.com/fa2b53c0e348a3d5540b1527511befb2\" tg-width=\"628\" tg-height=\"959\" referrerpolicy=\"no-referrer\">Note: The stock price trend of the Big Three in the past yearSince Ctrip has not been recognized accordingly in the US stock market, the secondary listing is a watershed for Ctrip to bid farewell to its past development model, and it is also a new attempt to give full play to the value of travel content and deeply take root in the tourism industry.The stock price of any listed company has been \"uneasy\", but for Ctrip, what we should see more is its distance.\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/1da50c4560325761eecdc4362108a54c","relate_stocks":{"09961":"携程集团—S","TCOM":"携程网"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1159720741","content_text":"如果要评选2020年最拼的企业家，携程的梁建章肯定能入围。\n随手列出一些梁建章的日程：\n一个月跋涉6省25市9000多公里；一天要切换20个场景；直播前要考察直播后要复盘、还得管公司的大小事务每天连轴转十几个小时；连30分钟的“整块时间”都没有；在赶到下一个直播点的飞机上得掏出来手机自己写酒店直播的文案。\n“拼命三郎”的结果是，2020年，OTA行业出现了最大的变化：携程带动行业在特殊环境下以最快的速度，开始了新探索。\n梁建章在不同旅游场景里化身不同的人物把自己变成了大V，也让携程用直播这个切入点也诠释了“危中有机”的真正内涵。\n\n图片来源：公开信息\n/ 01 /是大V，也是\"大V\"\n携程的招股书显示，在过去10年中，交易额连续保持全国在线旅游行业第一，并连续3年领跑全球在线旅游行业。而去年在疫情的影响下，全球旅游业收入损失1.3万亿美元，成为“旅游业历史上最糟糕年份”，携程也未能幸免。\n成功企业内核并不是巅峰时的辉煌，而是看艰苦时的韧性。\n2020年Q1，由于疫情，携程营收下降42.1%；Q2各行各业都在做复工复产的准备，景区虽然开放了但是没人敢去。这也是梁建章直播最忙碌的时刻，携程营收跌了63.7%；Q3，携程略有起色，营收下降幅度收窄到47.9%；到了Q4，携程营收达到2019年同期的六成。\n而进入2021年，Q1的上半季度，携程的国内酒店预订恢复领先行业约15%；携程在3月份的日均订单量环比2月增长50%，平台日均新客量环比实现双位数增长；在刚刚结束的清明节假期，携程总预订量同比增长300%，多项业务的增速甚至超越2019年同期水平，在一个月前携程发布2020年年报之时，CEO孙洁表示携程的机酒预订达到全量恢复。\n虽然2021年Q1季报还未发布，但携程用迅速的“回血计划”，复苏领先于同是OTA巨头的Booking和Expdia，走出了大大的V形曲线。\n\n数据来源：各家财报\n在携程复苏的同时，携程参股的同程艺龙还抓住了低线城市的下沉市场，携程的低线市场新用户加速增长，进一步解决了OTA平台们在国内市场上的拥堵。\n招股文件显示，2020年，携程平台上超过40%的新交易用户来自三线及以下城市。其实在国内市场中，携程本来就较其他平台占有优势。根据易观报告，2019年全球前5大旅行平台的GMV在总市场份额的占比为7.0%，第一名携程占比为2.3%，较第二名高出0.4个百分点；2019年，中国前5大旅行平台在总市场份额的占比为21.5%，其中，携程集团占比为13.7%。\n2020年，从梁建章颇具创新性的变成“直播大V”到公司走出大“V”趋势可以看出，携程仍然具有初创企业少有的韧性，在反弹和复苏上宝刀未老。\n/ 02 /重构旅游的“人货场” 携程你可真会玩儿！\n在此次回港的招股书中，携程也明确表示募资的使用途径之一是拓展携程的“一站式旅行服务及改善用户体验”。\n\n图片来源：携程招股书\n作为业内为数不多的“一站式”平台，携程要把旅行中的各个的链条串起来，需要有内核在其中支撑，这个核心就是内容。\n有人说，携程做内容，因为缺乏基因所以很难做好，这个故事讲不长。\n说携程没有内容基因？这可对携程的认识有些“浅薄”。\n2000年诞生之初，携程就是中国最早的互联网旅游社区之一；\n2011年，携程推出驴评网；\n2016年，上线携程攻略社区；\n2018年，携程开始着手搭建旅行短视频内容平台，12月携程频道“旅拍频道正式上线；\n2020年，携程再次把布局内容提上日程。\n除了基因外，做内容更重要的是“术业有专攻”，旅行内容就是讲怎么玩，当然由最会玩的旅行平台来做。\n日前，携程推出了“1+3战略”，以“星球号”为载体，聚合流量、内容、商品三大板块，刷新了旅游行业中的“人（用户）-货（旅游产品、票务服务等）-场（场景）”。\n以前的旅游行业中基本上是人-货，几乎没有场景落地；或者是OTA平台提供了比较分散和碎片化的内容，无法与大流量形成精准匹配，因此导致内容和商品的脱节。\n在“人”上，当“会玩儿”的旅行达人们带着自己的分享内容涌入携程的星球号，由于携程庞大的产品库存和交易平台的属性，可以使内容顺畅地转化为交易；\n在“货”上，旅游全链路的参与者，均可在携程社区开设星球号，借助携程的3亿的用户量和2亿的MAU（每月活跃用户），还有越来越多的25岁以下“懂玩”的敏感人群，来供给吃、住、行、游、购所有爆款产品。\n在场景中，携程直播与携程社区将给予内容变现的场景，携程在整个内容场景中，还可以根据算法和私域流量管理，提供目标人群画像，实现一个新的“千亿小目标”，旅游广告投放；\n根据Fastdata数据，2021年随着中国旅游业的复苏及旅游供应商广告投入强度的增加，预计全年中国旅游广告市场规模将达到800-1000亿元，未来旅游广告将会成为旅游业新的“千亿赛道”。\n效果好不好，数据会说话。\n携程招股书显示，在去年“1+3战略“还处于雏形阶段时，2020年全年，携程通过在线直播平台推出超过60000种产品，携程直播+特卖频道实现商品交易总额超过50亿元人民币，在“1+3战略”全部落地后，我们有理由相信携程可以借着“会玩”的优势，让更多的用户“玩在携程”。\n/ 03 /会玩的高净值用户 再次加深护城河\n在携程递交的招股书中，还有一个被人忽视，但是足以重塑携程估值的亮点，那就是高消费用户快速增长。\n高净值用户既是携程的竞争壁垒，也是驱动业绩增长的基石。\n随着消费升级，旅游业也在升级，比起节假日旅游“下饺子”，高净值用户们更喜欢的品质游，将成为携程新的业绩增长点。\n国内旅游市场基本可以分为三大部分：商旅、大众休闲游及品质休闲游。根据易观预测，国内高星酒店、精品私家团为代表的品质休闲游将于2024年超过大众休闲游板块，其市场规模将于2025年达到3.8万亿元。\n易观数据显示，携程平台中等及以上消费水平人群占比为82.2%，95后-80后人群占比为77.7%，高净值且会玩的年轻人有很多。\n不论是在华尔街还是在港交所，高客单价、高毛利一直都很受资本的青睐，也就是说，如果携程可以延续这个势头，品质休闲游市场的高准入门槛所形成的天然竞争壁垒，也将成为携程新的业绩增长点。\n要维持品质休闲游领域的优势，就得倚仗供应链，毕竟好资源都是稀缺的。\n携程此前披露过关于品质休闲游领域相关供应链的情况：2020年7-12月，携程私家团供应商数量增加 50%；超过2000家供应商通过携程为用户提供约6万条私家团产品；覆盖国内200多个旅游目的地；私家团产品数量增涨400%以上。\n在供应链中最关键的酒店方面，截至2019年12月31日，携程在中国境内提供了数量最多的机票及酒店住宿产品，大规模的酒店与携程合作，为携程创造了极具市场竞争力的价格优势。\n其中，指定携程集团作为总经销的高星酒店数量在2020年第二和第三季度均环比增长超过10%，携程在中高端酒店市场的竞争优势进一步扩大。\n从酒店行业来看，渠道能带来的最终转化整体平均保持在20%左右，但携程的转化高于平均水平，就像良禽择佳木而栖一样，高端酒店也愿意选择携程。\n据节点财经(ID:jiedian2018)了解，携程与酒店在疫情期间还成为了“互相成就”的关系，为了守住酒店长远经营的品牌底线，携程根据不同酒店的特色包装出了许多丰富的产品，比如美食套餐、亲子套餐，提供差异化的产品，吸引顾客的同时也释放酒店本身的价值。\n所以，对于想突破携程在高净值用户上统治地位的挑战者来说，从携程手里抢到更多的高星酒店库存，一是要向高星酒店证明渠道能力，二是持续寻找到高消费能力的用户，并不是一蹴而就的。\n而携程做的这一切，既是为了守住今天在华尔街的口碑，也是为了赢得明天在港交所的前景。\n/ 04 /回港，是归途也是启程\n世界三大OTA头部携程、Booking、Expedia中，携程在近三年来，虽然占据全球交易额第一，但携程的股价一直处于被低估状态。\n由于2020年三巨头的市盈率或为负，而疫情大家面临的环境困难都差不多，市销率可以成为估值高低的比较。\n携程最新市值233亿美元，为2020年营收的8.3倍；\nBooking最新市值987亿美元，为2020年营收的14.5倍；\nExpedia 最新市值247亿美元，为2020年营收的4.75倍，但Expedia的股价已经从低点反弹了近3倍。\n\n图注：三巨头近一年股价走势\n既然携程在美股没有得到相应的认可，二次上市，就是携程挥别过去发展模式的分水岭，也是发挥旅行内容价值、深度扎根旅游产业的新尝试。\n任何一家上市公司的股价都曾有过“苟且”，但对于携程来说，更应该看到的是它的远方。","news_type":1,"symbols_score_info":{"09961":0.9,"TCOM":0.9}},"isVote":1,"tweetType":1,"viewCount":1468,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":8,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}