China Galaxy Securities released a research report stating that it maintains a 'recommended' rating for tongchengtravel (00780), with an expected net income of 2.7 billion yuan/3.6 billion yuan/4.5 billion yuan for 2024-2026 adjusted. The company's outbound travel business expansion is progressing well, with sales and marketing expenses as a percentage of revenue significantly decreasing under the gradual recovery and refinement of subsidies, while the takerate continues to improve. The company has great potential for future business increment and profit capabilities.