China Galaxy Securities: Maintains "Recommended" Rating for TONGCHENGTRAVEL, Q3 Revenue Growth Exceeds Previous Expectations

Zhitong
2024.11.21 06:49

China Galaxy Securities released a research report stating that it maintains a "Buy" rating on TONGCHENGTRAVEL, expecting adjusted net profits of RMB 2.7 billion / 3.6 billion / 4.5 billion for 2024-2026. The company's outbound tourism business is progressing well, with the subsidy intensity gradually being recovered and refined, leading to a significant decrease in the proportion of sales and marketing expenses in revenue. At the same time, the takerate continues to improve, indicating substantial potential for future business growth and profitability

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