Core Viewpoint - CICC forecasts Tongcheng Travel's Q3 revenue to increase by 9% year-on-year to 5.45 billion yuan, with core OTA revenue expected to rise by 14% to 4.59 billion yuan, and Non-IFRS net profit projected at 1.02 billion yuan [1] Revenue and Profit Forecast - CICC maintains its full-year 2025 revenue and profit guidance for Tongcheng Travel, expecting core OTA revenue to grow by 15% year-on-year and Non-IFRS net profit to reach 3.3 billion yuan [1] Business Segment Performance - The domestic segments of accommodation and transportation within the core OTA business show steady growth, while the overseas segment contributes additional growth [1] - Other business segments, particularly hotel management, continue to experience high growth, with the completion of the acquisition of Wanda Hotel Management expected in Q4 [1] Rating and Target Price - CICC maintains a "outperform industry" rating for Tongcheng Travel, setting a target price of 28 HKD [1]
研报掘金丨中金：维持同程旅行“跑赢行业”评级 预计第三季核心OTA收入按年增14%