Group 1 - HSBC's report indicates that Trip.com (TCOM.O) achieved a 16% year-on-year revenue growth in Q1, driven by a strong 23% increase in hotel revenue [1] - Adjusted operating profit margin decreased by 2.4 percentage points but was better than expected [1] - The company expects revenue growth to return to normal levels, despite soft average daily room rates due to increasing supply in domestic hotels [1] Group 2 - Airfare prices have stabilized, and while concerns about safety in Southeast Asia pose challenges to outbound tourism growth, travelers are changing their destinations [1] - Overall outbound tourism is expected to grow by 14% to 19% [1] - Increased marketing spending in overseas markets is a key driver of revenue growth, currently accounting for approximately 15% of hotel revenue and 20% of transportation revenue, with high double-digit growth anticipated [1] Group 3 - HSBC maintains a "buy" rating for Trip.com, raising the target price from $75 to $78 [1] - The company anticipates a 15% revenue growth for the year, with an adjusted operating profit margin rising to 11%, resulting in a profit margin of 29% [1] - For Q2, revenue is expected to increase by 14.5%, with an adjusted operating profit margin of 2%, maintaining a profit margin of 29% [1]