On July 29, Guolonghui reported that in the second quarter, Tongcheng Travel's revenue will rise with the stable recovery of industry demand, and the company's period revenue is expected to increase by 48% year-on-year to 4.25 billion yuan, basically in line with expectations. Among them, the bank expects lodging revenue to grow by 14% annually, transportation ticket revenue to increase by 16%, and vacation business revenue to reach 720 million yuan; expected adjusted net profit in the second quarter to increase by 4.1% year-on-year to 620 million yuan. With the decline in the high base effect, the bank expects the company's core OTA to have a faster year-on-year growth rate in the second half of the year than in the first half. In addition, the bank pointed out that summer tourism demand maintains a good momentum, and with the rapid improvement of the supply side, the average prices of air tickets and hotels are expected to decline year-on-year and gradually return to normal levels, which will help stimulate outbound demand and benefit the industry's sustainable growth. Considering the recent changes in the industry's average valuation, the bank adjusted the group's target price to HK$18 and maintained a "buy" rating.