crashbandicootbox| Huatai Securities: Maintain the "Buy" rating of Same Journey Travel and its target price rises to HK$25.5

Huatai Securities released a research report saying that it maintains the "Buy" rating of Tongcheng Travel (00780) and adjusts its revenue forecast from 2024 to 2026 to 183/233crashbandicootbox.1/292crashbandicootbox.60 million yuan, adjusted net profit is forecast to 27.4/34.3/41.2 billion yuan, and the target price has increased from HK$24.25 to HK$25.5.

The report pointed out that benefiting from the increased demand for diversified tourism experiences, the company achieved revenue of 3.87 billion yuan (the same below) in the first quarter, in line with market expectationscrashbandicootbox3.74 billion yuan; adjusted net profit was 560 million yuan, in line with market expectationscrashbandicootboxThe adjusted net profit margin was 14.4%, a year-on-year decrease of 5 percentage points, mainly due to the consolidation of the vacation business. There are differences in operating profits between this business model and the online travel platform due to different business models.