Ge Long Hui·2025-11-21 04:00Core Insights - Ctrip Group reported strong financial performance for Q3 2025, with revenue reaching 18.3 billion yuan, a year-on-year increase of 16%, and a net profit of 19.9 billion yuan [1] - The company benefited from robust travel demand during the peak season, with both domestic and international markets showing healthy growth [1] Revenue Breakdown - Accommodation booking revenue was 8 billion yuan, up 18% year-on-year, driven by strong outbound travel and international hotel bookings [1] - Transportation ticketing revenue reached 6.3 billion yuan, a 12% increase year-on-year, supported by strong growth in international air bookings [1] - Vacation revenue was 1.6 billion yuan, growing 3% year-on-year, primarily due to the expansion of international product lines [1] - Business travel management revenue was 756 million yuan, up 15% year-on-year, as more companies adopted this service [1] International Business Performance - The international OTA platform saw total bookings increase by approximately 60%, with the Asia-Pacific region being the largest contributor [2] - Inbound travel bookings more than doubled year-on-year, with strong growth also observed in Europe and the U.S. [2] - Outbound hotel and flight bookings increased nearly 20% year-on-year, reaching 140% of the levels seen in the same period of 2019 [2] Demographic Trends - Demand from both senior and young travelers is strong, indicating a trend of intergenerational diversity [3] - The number of users in the "Old Friends Club" grew over 70%, with affluent senior travelers focusing on quality travel experiences [3] - Young travelers are increasingly driven by experiential tourism, with significant revenue growth in this segment due to events like concerts [3] Future Outlook - The company expects to achieve revenues of 61.56 billion yuan, 70.78 billion yuan, and 80.36 billion yuan for 2025-2027, with year-on-year growth rates of 15.5%, 15.0%, and 13.5% respectively [3] - Projected net profits for the same period are 31.92 billion yuan, 20.58 billion yuan, and 23.86 billion yuan, with growth rates of 87.0%, -35.5%, and 15.9% respectively [3] - Ctrip's domestic business advantages and potential growth in international markets suggest long-term investment value, with a target PE of 20.5X for 2026 [3]