TRIP.COM(09961) 浙商证券·2025-05-27 10:10Investment Rating - The report maintains a "Buy" rating for the company [3] Core Insights - The company slightly exceeded profit expectations in Q1 2025, with revenue reaching 138.30 billion, a year-on-year increase of 16.2%, and operating profit (Non-GAAP) at 40.43 billion, up 7.4% year-on-year [6] - The company is expected to achieve revenue of 624.84 billion, 705.27 billion, and 793.32 billion for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 17.24%, 12.87%, and 12.48% [2] - The company is expanding its overseas investments, which has led to a slight decline in profit margins, with a gross margin of 80.4% in Q1 2025, down 0.8 percentage points year-on-year [6] - The international OTA platform bookings grew over 60% year-on-year, and inbound tourism increased by over 100% [6] - The company is accelerating its AI strategy, which is expected to enhance customer service efficiency significantly [6] Financial Summary - The projected net profit for the company is 169.59 billion, 199.39 billion, and 226.82 billion for 2025, 2026, and 2027 respectively, with a year-on-year change of -0.63%, +17.57%, and +13.75% [2] - The earnings per share (EPS) are forecasted to be 23.77, 27.94, and 31.79 for 2025, 2026, and 2027 respectively [2] - The company’s total assets are expected to reach 275.05 billion, 297.69 billion, and 329.00 billion for 2025, 2026, and 2027 respectively [7]