TRIP.COM(09961) 中国银河·2025-02-27 04:04Investment Rating - The report assigns a rating of "Neutral" for the company, indicating that the expected performance is within a range of -5% to 5% relative to the benchmark index [12]. Core Insights - The company is projected to experience significant revenue growth, with total revenue expected to reach 81.17 billion in 2027, reflecting a compound annual growth rate (CAGR) of approximately 12.67% from 2024 to 2027 [6][8]. - The gross profit margin is anticipated to improve gradually, reaching 82.50% by 2027, indicating strong operational efficiency [7]. - The net profit attributable to the parent company is forecasted to grow steadily, with an expected net profit of 19.64 billion in 2026 and 23.31 billion in 2027 [6][8]. Financial Summary - The company's total assets are projected to increase from 242.58 billion in 2024 to 311.55 billion in 2027, demonstrating robust asset growth [6]. - The current ratio is expected to improve significantly from 1.51 in 2024 to 3.59 in 2027, indicating enhanced liquidity [7]. - The earnings per share (EPS) is forecasted to rise from 26.10 in 2024 to 34.10 in 2027, reflecting strong profitability growth [7][8]. Revenue Breakdown - The revenue from accommodation bookings is expected to grow from 3.48 billion in 2023 to 2.39 billion in 2025, with a year-over-year growth rate of 20% [4]. - Transportation ticketing revenue is projected to increase from 4.16 billion in 2023 to 5.60 billion in 2025, with a year-over-year growth rate of 12% [4]. - The revenue from travel resorts is anticipated to grow significantly, with a year-over-year growth rate of 20% expected in 2025 [4].