大行评级丨中银国际：上调携程H股目标价至638港元 重申“买入”评级

Core Viewpoint - Ctrip's Q3 financial report exceeded market expectations, with revenue and non-GAAP operating profit growing by 16% and 12% year-on-year, respectively, indicating significant progress in traffic acquisition in both domestic and overseas markets [1] Group 1 - Ctrip's revenue growth of 16% year-on-year reflects strong performance in the domestic market [1] - Non-GAAP operating profit increased by 12% year-on-year, showcasing operational efficiency [1] - The report highlights Ctrip's notable advancements in traffic acquisition on the Trip.com platform for overseas markets [1] Group 2 - The stable competitive landscape in the domestic market is expected to allow Ctrip to focus more on expanding its overseas market presence [1] - The target price for Ctrip has been raised from 630 HKD to 638 HKD, reaffirming a "buy" rating [1]