Morgan Stanley published a research report stating that the second quarter total revenue of Tongcheng Travel was 4.2 billion yuan, in line with market expectations. The group believes that the macro environment has a relatively small impact on its low-tier city customers and expects accelerated growth in the second half of the year. Morgan Stanley expects that the hotel and transportation income of Tongcheng Travel's core OTA will increase by 20% and 19% respectively in the third quarter, faster than the 13% and 17% year-on-year growth in the second quarter. Since June, the group has reduced sales and administrative expenses for the second half of the year to the level of 2019 and improved staffing.

The bank expects the adjusted net income of the group in the third quarter to be between 0.8 billion and 0.85 billion yuan. For the whole year, the bank expects the adjusted net income for 2024 and 2025 to be 2.6 billion and 3.1 billion yuan respectively. The bank has raised the earnings forecast for the group in 2024 to 2026 by 6%, 14% and 8% respectively, and the target price has increased from 17 Hong Kong dollars to 18 Hong Kong dollars, with a rating of "shareholding".