Guohai Securities·2026-02-28 14:57Investment Rating - The report maintains a "Buy" rating for the company [1][11] Core Insights - The company continues to demonstrate high-quality growth, with inbound tourism becoming a strong growth engine [2][6] - In Q4 2025, the company achieved a net operating revenue of 15.4 billion RMB, representing a year-over-year increase of 21%, and a net profit attributable to shareholders of 4.3 billion RMB, up 98% year-over-year [5][10] - The company's core OTA business had a total booking volume of approximately 1.1 trillion RMB in 2025, with accommodation and flight bookings contributing about 280 billion RMB and 550 billion RMB, respectively [5][10] Financial Performance - In Q4 2025, the transportation ticketing segment generated a net operating revenue of 5.4 billion RMB (YoY +12%), while accommodation bookings reached 6.3 billion RMB (YoY +21%) [7] - The company reported a total cash and cash equivalents balance of 105.8 billion RMB as of December 31, 2025 [5] - The forecast for net revenue is projected to be 70.9 billion RMB in 2026, with a net profit of 15.9 billion RMB, corresponding to an EPS of 24.41 RMB [9][10] Market Trends - Domestic tourism demand is steadily increasing, with significant growth in private group travel and entertainment-related travel [7][10] - The international OTA platform's total booking volume grew by approximately 60% in 2025, contributing 40% of the company's revenue and bookings [7][10] - The company invested 1 billion RMB in 2025 to support the inbound tourism ecosystem, facilitating orders from nearly 70,000 hotels, attractions, and travel agencies [7][10] Strategic Initiatives - The company is actively embracing the development of AI Agents, viewing it as a catalyst for achieving long-term strategic goals [10] - The company aims to leverage its supply chain and service advantages to tap into larger incremental markets [10]