Guotai Jun'an Securities: Maintains "buy" rating on Tongcheng Travel (00780.HK) with a target price of 27.88 Hong Kong dollars.

According to the Wise Finance APP, Guotai Junan issued a research report stating that it maintains a buy rating on Tongcheng Travel (00780.HK). Considering that the competitive landscape of the OTA industry remains stable, and the company has steadily increased its profit margin through various means such as improving subsidy efficiency, the company's adjusted net profit attributable to the parent company for 2025/2026/2027 is maintained at RMB 3.311 billion / RMB 3.847 billion / RMB 4.402 billion. Taking into account the company's growth potential and performance flexibility, and comparing its size with Ctrip, a 18x PE valuation is given for 2025, maintaining a target market value of RMB 59.6 billion, corresponding to HKD 653 billion at a 1HKD=0.9128CNY exchange rate, corresponding to a target price of HKD 27.88.