大行评级｜大华继显：上调携程目标价至725港元 维持“买入”评级

Core Viewpoint - Ctrip's Q2 performance exceeded expectations, with net revenue growing by 16.2% year-on-year to 14.9 billion yuan, aligning with market expectations [1] - Non-GAAP net profit increased by 1% year-on-year to 5 billion yuan, surpassing market expectations by 15% [1] - The net profit margin was 33.8%, better than market expectations [1] - Ctrip anticipates a revenue growth of 12-17% year-on-year for Q3, consistent with market expectations [1] - The brokerage maintains a "Buy" rating on Ctrip, raising the target price from 635 HKD to 725 HKD [1] Financial Performance - Q2 net revenue reached 14.9 billion yuan, a 16.2% increase year-on-year [1] - Non-GAAP net profit was 5 billion yuan, reflecting a 1% year-on-year increase [1] - Net profit margin stood at 33.8%, exceeding market expectations [1] Future Outlook - Ctrip projects Q3 revenue growth of 12-17% year-on-year [1] - The target price for Ctrip has been raised from 635 HKD to 725 HKD by the brokerage [1]