November 21st, Bloomberg | Goldman Sachs released a research report stating that tongchengtravel's net income growth rate accelerated from 11% in the first half of the year to 47% in the third quarter, reaching 0.91 billion yuan, exceeding Goldman Sachs and market expectations by 9% and 10%, respectively. Goldman Sachs pointed out that tongchengtravel focuses on improving return on investment rather than simply pursuing revenue growth. The target EBITDA profit margin for the second half of the year is expected to reverse the downward trend, rising from a 2 percentage point decline in the second quarter to a 3 percentage point increase in the second half of the year. Assuming stable revenue and marketing expenses, a decrease in service development costs, the bank predicts tongchengtravel's net profit in the fourth quarter to reach 0.606 billion yuan, with an annual record of 2.7 billion yuan, a 24% increase year-on-year. The bank believes there is still room for further increase in its profit margin, forecasting that tongchengtravel's overall EBIT profit margin could rise to 18% and 18.7% in 2025 and 2026, maintaining a "buy" rating, with the target price raised from 23.6 Hong Kong dollars to 27 Hong Kong dollars.