Investment Rating - The report maintains a "Buy" rating for the company [2][8]. Core Insights - The current competitive landscape for Online Travel Agencies (OTAs) is stabilizing, with the company focusing on enhancing operational efficiency and deepening its presence in the tourism industry. The company's profitability is on an upward trajectory due to optimized user marketing strategies, refined subsidies, and improved profitability in outbound travel. There remains potential for further increases in sales expense ratios and take rates, which are expected to support continuous growth in profit margins [2][6][9]. Revenue and Profitability - In Q3 2025, the company achieved revenue of 5.509 billion yuan, a year-on-year increase of 10.4%. Adjusted net profit reached 1.06 billion yuan, up 16.5% year-on-year, with an adjusted net profit margin of 19.2%, reflecting a 1 percentage point increase year-on-year [6][9]. - The core OTA business saw steady growth, with revenue of 4.609 billion yuan in Q3, a 14.9% increase year-on-year. The hotel management business also maintained high growth, with revenue from hotel management and other services reaching 0.821 billion yuan, up 34.9% [9]. Future Projections - The company is projected to achieve overall revenues of 19.32 billion, 21.66 billion, and 24.60 billion yuan for the years 2025, 2026, and 2027, respectively. Adjusted net profits are expected to be 3.37 billion, 3.87 billion, and 4.40 billion yuan for the same years, corresponding to a price-to-earnings (PE) ratio of 14, 13, and 11 times at the current stock price [2][9].
同程旅行（00780）2025Q3 业绩点评：业绩符合预期，利润率持续上行