大行评级丨花旗：维持携程美股“买入”评级，首季增长动力强于预期

Core Viewpoint - Citigroup's report indicates that Trip.com has experienced strong growth in domestic hotel night stays and outbound bookings during the Spring Festival holiday, reflecting a robust growth momentum for both domestic and outbound business in the first quarter [1] Group 1: Business Performance - Domestic hotel night volume and outbound bookings recorded double-digit year-on-year growth, indicating a positive trend for Trip.com [1] - The booking volume for Trip.com maintained a year-on-year growth rate of approximately 60%, showcasing strong demand [1] Group 2: Market Outlook - Citigroup believes that the inbound tourism performance in China is strong, and Trip.com is likely to benefit from its brand advantage and the scale of its travel products in the Chinese market [1] - Based on the stronger-than-expected growth momentum in the first quarter and robust tourism demand in China, Citigroup has raised its profit forecasts for the next two years by 2% and 1% respectively [1] Group 3: Investment Rating - Citigroup maintains a "Buy" rating for Trip.com's U.S. stock and keeps the target price at $82, suggesting that the valuation has become more attractive following recent market weakness [1]