20251127-招银国际-同程旅行-00780.HK-Solid_3Q25_results_with_healthy_earnings_growth_6页_1013kb

报告摘要

Report Summary

Company: Tongcheng Travel (780 HK)
Date: November 27, 2025
Key Highlights:
- Strong Performance: Solid 3Q25 results show 10.4% YoY revenue growth to RMB5.5bn and 16.5% YoY adjusted NP growth to RMB1.06bn. Core OTA business was a primary driver with revenue growth ahead of estimates.
- Target Price Increase: Target price lifted to HK$25.40 (previously HK$24.00), reflecting 14.5x 2026E PE.
- Outlook: Expecting stable growth in 2026E with revenue at HK$22.103bn (+14.4% YoY) and adjusted NP growth of 14.0%. 4Q25 outlook indicates continued core OTA momentum despite seasonal impacts on tourism.
Product Segments:
Transportation & Ticketing (+9.0% YoY), Accommodation (+14.7% YoY), Others (+34.9% YoY) – all key drivers.
Financials:
- OPM at 21.1% (up 1.5pp YoY); Core OTA OPM stable at 31.2% (up 0.1pt YoY).
- Positive NP momentum expected.
- Revenue growth driven primarily by managed WHM entity post-Jan 2026.
Analyst Opinion:
Maintain “BUY” rating with confidence in sustained growth.
- Performance vs. peers/consensus is positive.
- Risk factors: Potential slowdown in user acquisition, potential market fluctuations.