On November 21, Glorious Union reported that Daiwa stated that the highlight of Trip.com's third quarter performance is that the non-GAAP operating gross margin reached 34.4%, exceeding market consensus, mainly benefiting from operational leverage of service contact centers and the application of AI. The firm believes that the company is expected to achieve a 15% to 25% average annual growth rate from 2023 to 2028, due to increased market share and higher contributions from overseas revenue. Daiwa expects that Trip.com's domestic tourism revenue growth in the fourth quarter will accelerate to low double-digit rates, while international hotel revenue growth will maintain strong momentum, estimating that related revenue growth will exceed 50% year-on-year in the fourth quarter, with order volume growth being even higher. Therefore, the company’s total revenue in the fourth quarter is expected to grow by 19.1% year-on-year to 12.3 billion yuan, with a gross margin reaching around 81%, and a non-GAAP operating gross margin of 21%. Daiwa raised its earnings per share forecast for Trip.com from 2024 to 2026 by 2% to 4%, reaffirming its "buy" rating and raising the target price from 662 HKD to 675 HKD.