Core Viewpoint - The report from CMB International indicates that Tongcheng Travel (00780) is expected to meet previous performance expectations for Q3, with overall revenue and profit projected to grow by 9% and 13% year-on-year respectively, reflecting stable growth [1] Revenue and Profit Forecast - Q3 total revenue for Tongcheng Travel is anticipated to increase by 9% year-on-year, with core OTA revenue expected to rise by 15% to 4.6 billion RMB [1] - The adjusted net profit for Q3 is projected to be 1.03 billion RMB, representing a 13% year-on-year increase, with a corresponding net profit margin of 18.9% [1] Business Segment Performance - Revenue from accommodation and transportation services is expected to grow by 14% and 10% year-on-year respectively in Q3 [1] - The growth in accommodation revenue is primarily driven by an increase in room nights, with Average Daily Rate (ADR) also showing year-on-year growth [1] Price Target and Rating - The target price for Tongcheng Travel is maintained at 25.5 HKD, with a buy rating upheld [1]
交银国际：维持同程旅行“买入”评级 目标价25.5港元