CAITONG SECURITIES·2026-02-27 13:25Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company reported a net operating income of 15.4 billion RMB for Q4 2025, which is a year-over-year increase of 21%, exceeding expectations by 3.6%. Adjusted EBITDA was 3.4 billion RMB, also up 15% year-over-year, surpassing expectations by 7.7% [7] - The company's internationalization strategy continues to drive growth, with a significant increase in international bookings, contributing to a revenue share of 18% in Q4 2025. The overall booking volume for the international OTA platform grew approximately 60% year-over-year [7] - The company is leveraging AI technology to enhance its service offerings and improve transaction efficiency, positioning itself to capitalize on new distribution channels [7] Financial Performance Summary - Revenue projections for the company are as follows: 2026 estimated revenue of 71.68 billion RMB, 2027 estimated revenue of 81.87 billion RMB, and 2028 estimated revenue of 91.82 billion RMB, reflecting a growth rate of 14.86%, 14.22%, and 12.15% respectively [6] - The projected net profit for 2026 is 16.37 billion RMB, with a significant drop in growth rate to -50.83%, followed by a recovery with growth rates of 14.50% and 13.53% in 2027 and 2028 respectively [6] - The company's earnings per share (EPS) is projected to be 22.94 RMB in 2026, with a price-to-earnings (P/E) ratio of 16.06 [6] Business Segment Performance - In Q4 2025, accommodation booking revenue reached 6.3 billion RMB, driven by strong demand for outbound and international hotel bookings. Transportation ticketing revenue was 5.4 billion RMB, with significant growth in international flight bookings [7] - The company's travel vacation revenue was 1.1 billion RMB, also up 21% year-over-year, benefiting from the expansion of international services [7] - Business travel management revenue was 800 million RMB, reflecting a 15% year-over-year increase, primarily due to growth in corporate clients [7]