Core Viewpoint - Company maintains revenue and profit expectations for Tongcheng Travel (00780) for 2025 and 2026, with a target price of HKD 23, indicating a 17% upside potential [1] Group 1: Hotel Business Performance - Domestic hotel business outperforms industry, with 2Q25 average daily rate (ADR) showing positive year-on-year growth, reflecting changes in consumer habits [2] - Company expects hotel room nights to grow by 10-15% year-on-year in 3Q25, with hotel revenue projected to increase by 13% [2] Group 2: International Business and Hotel Management - Company is tapping into outbound tourism demand from lower-tier markets, aiming for international business to reach 6-7% of total by year-end, with a goal of breakeven for the year [3] - Hotel management business is expanding, with over 2,700 hotels currently operating and another 1,500 in preparation, ranking 8th in the 2024 China Hotel Association list [3] Group 3: Core OTA Profitability - Core OTA operating profit reached CNY 1.07 billion in 2Q25, with an operating profit margin of 26.7%, an improvement from 24.3% in the same period last year [4] - Company anticipates continued profit margin improvement due to enhanced marketing efficiency and operational leverage [4]
中金：维持同程旅行(00780)跑赢行业评级 目标价23港元