Core Viewpoint - Haitong International's report indicates that Tongcheng Travel (00780) achieved a 10% year-on-year revenue growth in Q2, aligning with market expectations and the company's median guidance [1] - Adjusted net profit increased by 18% year-on-year, exceeding expectations by 3.4% [1] Group 1: Financial Performance - Q2 revenue reached 55.14 billion RMB, reflecting a 10% year-on-year growth [1] - Adjusted net profit for Q2 is projected at 10.47 billion RMB [1] - Full-year adjusted net profit is anticipated to be 33.64 billion RMB [1] Group 2: Future Outlook - The average hotel price trend is improving in Q3, with expectations for Tongcheng Travel's hotel business and accommodation nights to grow slightly above industry levels [1] - Traffic ticketing business is expected to align more closely with industry trends [1] - Q3 growth projections include a 14% increase in hotel business and a 10% increase in traffic ticketing business [1] Group 3: Rating and Target Price - Haitong International maintains a "Outperform" rating for Tongcheng Travel [1] - Target price has been raised from 27 HKD to 30 HKD [1]
海通国际：升同程旅行目标价至30港元 续予“跑赢大市”评级