同程旅行：升目标价至28港元，评级“增持”-20250605

Investment Rating - The report maintains an "Overweight" rating for Tongcheng Travel (00780) [1] Core Insights - Morgan Stanley has raised the target price for Tongcheng Travel by 8%, from HKD 26 to HKD 28, based on the latest foreign exchange forecasts, while keeping profit forecasts and other key predictions unchanged [1] - The firm anticipates that China's tourism demand will remain strong this year, with consumer spending shifting from shopping to travel or experiences [1] - Tongcheng Travel is expected to continue expanding its market share driven by growth in lower-tier cities, cross-selling opportunities, new business initiatives, and international expansion [1]