GLONGHUI, May 22 | CICC said that Ctrip's gross revenue for the first quarter of this year increased 29% year-on-year to 11.9 billion yuan, higher than market expectations by 2.6%; non-general standard net profit was 4.1 billion yuan, which greatly exceeded market expectations by 45%. Mainly, investment in marketing expenses fell short of expectations and profit and loss in profits of joint ventures exceeded expectations. CICC basically kept Ctrip's revenue forecast unchanged for 2024 and 2025. Considering that the company's marketing expenses ratio was optimized beyond expectations, it raised the non-standard net profit forecast for 2024 and 2025 by 12% and 10% to 15 billion yuan and 19.2 billion yuan, respectively. The bank maintained a “outperforming industry” rating and raised the target prices of US stocks and Hong Kong stocks by 9% to 63.5 US dollars and 492.4 Hong Kong dollars (corresponding to the 2024 non-standard price-earnings ratio of US stocks and Hong Kong stocks 20 times and 20 times).
研报掘金｜中金：上调携程目标价至63.5美元 维持“跑赢行业”评级
Research Nuggets | CICC: Raising Ctrip's target price to $63.5 to maintain “outperforming the industry” rating
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