智通财经APP获悉，国泰海通发布研报称，维持同程旅行(00780)增持评级。考虑OTA行业竞争格局依然 稳定，且公司通过补贴效率提升等方式维持利润率稳步提升，维持公司25/26/27年经调整归母净利润至 33.11/38.47/44.02亿元人民币(下同)。考虑公司自身成长性和业绩弹性，和相比携程体量，给予2025年 18xPE估值，维持目标市值596亿元人民币，以1HKD=0.9128CNY汇率计算，对应653亿港币，对应目标 价27.88元港币。 国泰海通主要观点如下： 25Q2业绩超预期，酒旅需求维持景气并驱动GMV同比恢复正增长;行业竞争格局稳定，通过营销补贴效 率提升驱动核心OTA利润率继续稳步提升。 业绩简述 25Q2公司实现收入46.69亿元，同比+10%，核心OTA实现收入40.08亿元，同比+13.66%。经调整净利润 7.75亿元/yoy+18%，经调整净利率16.6%/yoy+1.1pct。其中，核心OTA平台营业利润10.70亿/+24.69%， 核心OTA营业利润率26.7%/+2.4pct。业绩超预期，酒旅高景气且GMV增速回正。①本季财报重点关注 1)交通票务增速放缓对收入的拖累 ...

Core Viewpoint - The report from Guotai Junan maintains an "overweight" rating for Tongcheng Travel (00780), citing a stable competitive landscape in the OTA industry and the company's ability to enhance profit margins through improved subsidy efficiency [1] Financial Performance - In Q2 2025, the company achieved revenue of 4.669 billion yuan, a year-on-year increase of 10%, with core OTA revenue reaching 4.008 billion yuan, up 13.66% [3] - Adjusted net profit for Q2 2025 was 777.5 million yuan, reflecting an 18% year-on-year growth, with an adjusted net profit margin of 16.6%, up 1.1 percentage points [3][4] - Core OTA operating profit was 1.07 billion yuan, a 24.69% increase, with an operating profit margin of 26.7%, up 2.4 percentage points [3] Market Dynamics - The competitive landscape remains stable, with no significant intensification of competition, as evidenced by a 2.2 percentage point decrease in sales expense ratio [4] - The improvement in marketing efficiency continues to drive profit growth, indicating strong certainty in profit growth despite the competitive environment [4] Growth Outlook - The company maintains adjusted net profit forecasts for 2025, 2026, and 2027 at 3.311 billion, 3.847 billion, and 4.402 billion yuan respectively [1] - The target market capitalization is set at 59.6 billion yuan, translating to a target price of 27.88 HKD based on an 18x PE valuation for 2025 [1]