Guohai Securities: Maintains "Buy" rating on Tongcheng Travel (00780.HK) with a target price of HK$24.

According to the Wisdom Financial APP, Guohai Securities has released a research report stating that Tongcheng Travel (00780.HK), as the leader in the sinking market OTA platform, continues to benefit from the release of domestic long and short-haul travel demand, the increase in sinking market penetration rate, the expansion of international business, and user growth deep in online and offline traffic. The bank expects the company's revenue in 2026-2028 to be 21.1/23.6/26.3 billion yuan, with a net profit attributable to the mother of 3.3/3.8/4.4 billion yuan, corresponding to diluted EPS of 1.4/1.6/1.9 yuan, and corresponding P/E ratios of 9.1/7.9/6.8 times; the bank gives Tongcheng Travel a target market value of 48.2 billion yuan for 2026, corresponding to a target price of 24 Hong Kong dollars, and maintains a "buy" rating.