Caitong Securities: First give a "buy" rating to Ctrip Group-S (09961.HK), with inbound and outbound and international business becoming important growth engines.

According to the Zhitong Finance and Economics APP, Caitong Securities released a research report stating that it has initiated coverage of Ctrip Group-S (09961.HK) for the first time, with a "buy" rating. The company is expected to achieve revenue of 62 billion, 71.2 billion, and 80.9 billion yuan respectively for the years 2025-2027, with Non-GAAP net profit attributable to shareholders of 19.4 billion, 22.4 billion, and 25.6 billion yuan respectively. As a leading company in the domestic OTA industry, the company has established strong competitive barriers in supply chain, user mentality, and global resource integration. The recovery of the domestic tourism market provides stable support for the company's domestic business growth, while inbound and outbound travel and international business are the core drivers for long-term performance growth.