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 positive growth momentum for both domestic and outbound business in the first quarter [1] Group 1: Business Performance - Domestic hotel night stays and outbound bookings recorded double-digit year-on-year growth, indicating robust demand in the travel sector [1] - Trip.com's booking volume maintained a growth momentum of approximately 60% year-on-year [1] Group 2: Market Outlook - The strong performance in inbound tourism to China is expected to benefit Trip.com due to its brand advantage and scale of travel products in the Chinese market [1] - Based on the stronger-than-expected growth momentum in the first quarter and steady demand for travel 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 on the US stock market with a target price of $82, suggesting that the valuation has become more attractive following recent market weakness [1]