Core Viewpoint - Credit Lyonnais forecasts that Tongcheng Travel's core online travel agency (OTA) business revenue will grow by 15% year-on-year to 4.6 billion yuan in Q3, with adjusted net profit reaching 1.03 billion yuan and a profit margin of 19% [1] Group 1: Revenue and Profit Expectations - The expected revenue growth for the accommodation and transportation ticketing segments is 14% and 10% year-on-year, respectively [1] - The fourth quarter's outbound tourism performance is deemed crucial for the group's growth prospects in 2026 [1] Group 2: Acquisition Impact - The recent acquisition of Wanda Hotel Development is expected to have a limited impact on this year's financial performance due to the need for the group to establish a development strategy and the limited time remaining in the year [1] - The acquisition is anticipated to enhance the brand value of the group's existing hotel management business and improve earnings per share [1] Group 3: Target Price Adjustment - The target price for Tongcheng Travel has been raised from 20 HKD to 22 HKD, maintaining a "Buy" rating [1]