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【Citi: Raised the target price of Tongchengtravel to 21 Hong Kong dollars, with steady performance in the third quarter.】Citi's report stated that Tongchengtravel's performance in the third quarter was solid, with revenue and profit exceeding expectations. As for the fourth quarter, the bank expects the trends in hotel and transportation ticketing business to continue, with strong sales growth, stable average daily room rates (ADR) on an annual basis, and improved commissions. The bank has raised profit forecasts for Tongchengtravel for the years 2024 to 2026 by 2%, 3%, and 0% respectively, reflecting the third quarter's performance. The target price has been raised from 20 Hong Kong dollars to 21 Hong Kong dollars, and it pointed out that Tongcheng's core OTA trends remain strong, with continuous improvement in gross profit, thus maintaining a "buy" rating.
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